You're dreaming if you think you're going to hop off your bike, pull a knife and dispatch 1-2 Rottweilers. Same with the club - unless you're extremely lucky, you'll just piss them off. I think in your situation, you did the right thing. If you can put some distance between you and the dogs, and can outrun them, well and good. If it looks like they'll eventually catch up (i.e., you're fading, or there's an intersection or hill ahead), get off your bike while you have a little space, get the bike between you and the dogs and yell really loud. Dogs usually chase moving cyclists, not attack stationary ones when they're off their home turf, and these guys were well off their turf. At this point, I would also be deploying bear spray - something in gel form with some range, and give the mutts a snout full - I don't care if I cause them pain, I don't care if they run home and give everyone in the house a dose of pain - screw'em - dog and owner.
I fitted a Cycliq rear view camera to my bike mainly for dogs - If I'm brought down by a dog, I want some evidence of what it looked like and from what property it emerged, 'cos I'm suing someone, or at least taking it to the cops.