I think an "Out! No, Safe!" when the ball is mishandled is much, much worse.
But I understand your point Manny. I'm thinking in terms of a similar situation where F4 fields a grounder (or an offline throw from F2), then reaches for a sweep tag on the runner coming into 2B.
Doesn't it look better to acknowledge the missed tag, and then if there is an overslide (or miss) of the base, sell the subsequent tagout?