My Two Cents Worth
I really don't have any preference but here is why I believe there should be no warning horn.
#1. The warning horn in all other situations indicates to the referees and to the table that no player may be allowed to enter the game (during a time-out or end of quarter). I don't think using the warning horn as a "you're running out of time" warning would pose a problem but you never know.
#2. The coach should be looking to find a replacement immediately. Many of the coaches I know would not replace the player until the horn went off. Leave the coaches guessing as to how much time is left! - Again, I don't see much of a problem with this.
Just my two cents worth about possible reasons that there is no warning horn.
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