Don't have my rule book with me at work, so I'm not sure about the T. However, the rule does say "excessive" blood? Also, if the blood was not on the jersey at the start of the game (getting at the jersey having a stain) and if the player did not have a fresh bandage somewhere, then you should have a blood issue with at least one other player...had to come from someone.
After the clean-up attempt with the saline, was the blood still excessive? After the clean-up, what would have been the risk of letting him play with that jersey? That is a serious question, not rhetorical. Would you still have the risk of contamination to other players? Could you deem the blood was no longer excessive and finish the game?
Just wondering.