[socalreff]

If there was any lag time, it occurred between the time the coach called timeout and the official looked at the clock. He did not say he looked at the clock on the bucket. He said he looked at it after the whistle sounded. Hence, there would have been more than a second on the clock when the whistle blew. Therefore, you can put the time back up.
Follow-up question: If there is .7 left on the clock and red inbounds the ball to teammate who takes 2 dribbles and releases the ball before the horn, will you allow the goal? Gotta give the timer lag time from the time they see you chop the clock until there finger can hit the button, right? According to the logic heard here, count it!!