Why bother with the diode at all? Just another complication. The driver itself has overcurrent protection so if there is a wiring or motor fault, the driver should turn off and raise a fault signal. So all the fuse is doing is protecting the wiring if there is an internal fault in the driver. The fuse does not protect the driver - the fuse blows after the driver has already failed. So, thinking this through, the fuse will blow because of a driver fault, so you don't need to protect this driver any more, and the blown fuse will isolate that driver from the PSU and other drivers as well - if the PSU fuse hasn't blown as well.

I just have a single fuse in the PSU feeding all the drivers, rated at the nominal capacity of the PSU. Anyway, will the back EMF on a fault be any higher than the back EMF in normal use while decelerating?