I think I would have called the hold you mentioned...You saw it and it sounds as if you had a great angle...yes, you were 40 feet away but perhaps your partner was not in a good position to see it? Angles/line of sight, my man!
On the T...had one last week this way in the first half....Coach had been chirping and I told myself, next word outta him I'm going to warn him....then on his very next trip he didn't like the no call at his offensive end... ball got kicked out on an outlet pass, fast break...here we go.... coach jumped off the bench and screamed "THAT'S TERRIBLE" with hands flying in the air...as the other team is advancing and now shooting he yells again..."ABSOLUTELY TERRIBLE!"....ball is coming thru the net and THEN I wacked him! He stayed quiet the rest of the way....
I would not kill the other teams fast break and in your sitch, I think you can allow the shot to go in then call it...either way it's 2 and the ball for the other team and if it goes in, even more reason for the coach to be upset with himself and hopefully learn a lesson.