According to the emergency vet, his diabetes is apparently in remission and his pancreatitus is much better than it has been. That is why his blood sugar dropped like a rock; We gave him insulin when his body no longer needed it. Nobody is quite sure how or why it happens, only that it does happen occasionally.
So, he is off the insulin for now, and we are supposed to reduce his medication for the pancreatitus (which makes him happy, as it tastes terrible!). We also have an appointment with our family vet tomorrow to get his glucose tested again and make sure he is still doing ok. But for now, everything is right with the world once more!
My deepest thanks to everyone who wrote in and wished us well! I am overwhelmed how everyone responds in these kinds of situations. It is humbling for me to associate with such thoughtful and caring people.
I'll update everyone tomorrow after our trip to the vet on how our boy is doing.
I apologize for the poor cell phone pic, but I wanted to get this up quick.