Originally Posted by 
harum
				 
			Yes, this is the answer for the first question.  The expression for I(t) that you have found describes the circuit for t < 0, i.e. when the current was growing from zero to I(steady), before the emf source was switched off.  When you switch the emf source off, the cuicuit changes and you have to solve new (simpler) equation with new time coordinate, because you have just created a new circuit by using the switch and steady values of the first circuit become initial conditions for the second:
L(dI/dt) + RI = 0; here R = r + Rcb, and emf = 0.  
Compare this to the circuit before switching the emf off:
L(dI/dt) + RI = E, here E is voltage of emf and R = r.
As for the initial drop, yes, it is this big.  This is the purpose of such a load -- to turn all of the residual current into heat very quickly.  
Solve the simpler DE and use it for the last question.