insert-last-argument is probably better known by its usual shortcut, Alt-.. It's very nice to navigate through the last argument of earlier commands, but if you're navigating a little too fast it's easy to miss the argument you wanted, and then it seems you have no other choice but to start all over again. This slows down the navigation, so I hope there's a command to navigate this list in reverse.
A quick look at
bind -P didn't show any obvious candidates for this purpose.