Ingoring, for a moment, the foul, the arrow situation could be corrected until the ball is touched inbounds on the throw-in. By rule an alternating throw-in is due. So, if you blow the whistle before has occurred, it is still due unless other factors override it (technical foul, personal foul, violation, timeout, etc.)
If it is blown and it should have been the other teams chance, it should still be the other (correct) teams chance.
Now, adding the foul to the scenario, the matter becomes more complicated and I'm not too sure what is correct. I don't believe that it can be corrected at that point. Technically, you have had a live ball foul and no provision allow for it to be canceled.
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