I noticed that a kernel panic only happens when the unmounted external HDD continues to spin.
That is every time I use "Eject" from the drive's menu or when I unmount the volume in the Disk Utility, but NOT when I use "unmount" on the External Physical Disk.
So, to work around the bug, open the Disk Utility. First, choose "Show All Devices" in the menu next to the sidebar.
Then, use the highest level (physical device) unmount icon instead of one for a volume that it contains.
You'll know you're OK if the drive stops spinning.
If you forget about this method and use your regular "Eject" menu item, don't unplug the drive. Mount the volume again using the Disk Utility and unmount it using the above method.
Use it every time, for any drive that causes problems, until there is a better solution.