I don't have anything authoritative from MA, but I would think that NCAA 2-6-6 would cover that. It says that when an "obvious mistake" is made by the shot clock operator, the official can correct that mistake anytime during that shot clock period. The official must have definite knowledge of the time involved. There's no mention of any lag-time consideration.
I would say that you handled it correctly.
Oh man, BNR beat me to it!
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