So...as a father of 16-year-olds and an ex-husband I'm well-versed in being incorrect about things  . That being said, here's the definitive word from Peter Webb, IAABO Coordinator of Interpreters.
Quote:
As you are aware, 3.3.7 is in place to:
1) Deal with today's concern about blood exposure.
2) Point out that the game can not be stopped & held up for solely dealing with blood without being ganted and charged with a time-out.
The rule concern is the stoppage of play & holding up the game for issues other than injury, S &T Table issues, Correctable Error situations, etc.
The situation described within your question indicates that the game is not stopped for a "Blood/Bleeding" situation. The blood issue is a sidebar in the situation. If B-1's blood issue can be remedied during the time allotted to attend to A-1 and process a substitute then there is no Time-Out required of Team B to keep B-1 in the game.
Additionally, a time-out cannot be granted until after the concussion/injury issue is completed. During the waiting time period it is conceivable that the blood issue could be taken care of and there no longer would be a blood issue.
Again, in the situation which you cite, the game is not held up to attend to a blood issue.
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