one suggestion .. do not keep the screws that tight. If you had your filament pressuring screws not that tight there would be no blob as the filament would skipped and would not be pushed down.
btw - this Z movement hazard is definetely related to the SD card reading issue where, for some reason the SD library read the wrong nubmer from the SD card (a bit is inverted probably) and the Z go balistic. The new firmware (those who are unable to upgrade will have to contact bfb, I really have no idea how to help them) Tony is making will have, beside some checks for SD reads, additional option to block the Z movement in "wrong" direction by more then xyz units (for e.g. if firmware read it has to move 2mm down it will skip that command) so this will be additional prevention for such issues. This behaviour will of course be optional (as for the milling you might want to move your head up/down - to drill a hole for e.g.).
anyhow - what is fairly good point is that I encountered this error few times with my old SD card (in every single long lasting print). I swapped it with some other card (both 1G, both kingston) and since then I pushed few kilo's of filament trough my extruder (more then 5, less then 10) and never ever experienced that problem again. I do however never delete files from the SD - just add new ones, and when the card is filled, I format and start from scratch (formatted only once, 1G is a lot of gcode). IMHO this is pretty good proof that it is related with reading the SD card (yes, when I use the old one I get the problem again), how to read it - I cannot say for sure, I have not spent enough time with the SD library from MC but let's wait to see what will Tony produce

- in the meantime
- loosen the pressure screws a bit
- monitor the print process