Thanks for all the responses.
FWIW, the JV umpire and I had a parking-lot chat with the umpires who were getting dressed for the following varsity game.... One of them said he would've called MC, the other said "that's nothing".
Replaying it over in my head again, I could've lived with either MC or nothing, and I guess that's why they pay us the mediocre bucks.
Personally, I think I'd lean towards MC on a "player safety" basis, and towards nothing on a "don't want to fill out the ejection paperwork" basis.