Two fouls = bad. Same principle that you wouldn't call two fouls on a player who commits a blocking foul followed by illegal use of the hands on the same play.
I probably just have the common foul. I had almost this exact play earlier in the year where a "hack" across an arm turned into a "hug" as the play stopped. My whistle was after the hack but simultaneous with the hug. I had the first contact, but because it continued into a wrap up I called the intentional. Looking back, I don't think I should have. It's the one play all year that keeps popping up in my mind.
As far as ignoring dead ball contact unless it's intentional or flagrant, if this "jersey grab" had taken place as players were getting set for an inbounds play prior to the ball being handed to the thrower, would you have called an intentional foul?