Great question, because last night I was LJ and we had a blood situation (bleeding play; not blood on the uniform which is different), and R2 did not start a timer.
My understanding;
1) The timer starts when the ball is dead (but we don't need to be too strict on that), not when the player is removed from the court.
2) The coach has 30-seconds (again, don't be too strict) to decide -- but it can take much longer to remove the player.
3) If there's blood on the court / balls and it takes longer to clean that up than to bandage the player, no need for a TO or sub -- the "injury" didn't further delay the game.
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