Whenever I drove a stick, I always put it into first gear. That way if the e-brake fail, the car still doesn't move. I think I've also read that you're supposed to turn the wheels toward the curb too so it doesn't roll down the hill... Also notice that you said emergency brake. That's what they really designed it for, emergencies. I don't think they really recommend it as the sole method of parking. Also I'm not too surprised that yours failed. In the first year I had my 95 Contour, they also siezed up and they were replaced under a recall so you can kinda figure out that Ford isn't that great with emergency brakes and not to rely on them too much.
