Season shanks all over with the Bayou Blast (see NOTE) and brown in Dutch oven about 3 to 4 minutes per side (if using a pressure cooker, you can use a large skillet for the next couple of steps); remove to a plate.
Add onion, celery, carrots, and mushrooms to Dutch oven (or skillet) and cook, stirring occasionally, until vegetables are soft and begin to caramelize, about 10 minutes.
Add garlic, bay leaves, thyme, and rosemary; cook 2 minutes.
Add red wine and stir well, scraping the bottom of the pan to loosen any bits that have stuck (if using the pressure cooker, pour everything in the skillet into the pressure cooker at this time).
Add tomato paste, crushed tomatoes, beef stock, basil, parsley, crushed red pepper flakes, salt and pepper; stir well to combine.
Return shanks, and any accumulated juices, to the Dutch oven or pressure cooker; cover and bring to a boil.
Lower heat to a simmer and cook for 5 hours in the Dutch oven, stirring occasionally (1 1/2 hours in the pressure cooker).
Taste and adjust seasonings and serve.
NOTE: Emeril gives this recipe for his creole Essence: 2 1/2 tablespoons paprika, 2 tablespoons salt, 2 tablespoons garlic powder, 1 tablespoon black pepper, 1 tablespoon onion powder, 1 tablespoon cayenne pepper, 1 tablespoon dried leaf oregano, 1 tablespoon dried thyme (Bayou Blast lists the following ingredients: salt, paprika, garlic powder, cayenne pepper, ground black pepper, mustard powder, fresh lemon peel, and other spices).