So the answer to the original question is, "No. The coach can't 'buy out' of a violation." Not even an arcane, little-understood violation such as this one.
So the appropriate sequence would be:
ref bounces ball to shooter
shooter catches, adjusts feet, dribbles, bounce it away
coach yells, "Time Out!!"
ref whistles, signals violation
ref turns to coach and asks, "Do you still want the TO?"
Is that correct?
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