Coach yells "TIME!"

[largeone59]

In my game today, the batter had a 3-2 count. Right before the pitcher starts to deliver, a stray ball rolls across the field from outside (3rd base side) and settles on foul territory between the first base line and the dugout. Immediately the third base coach instinctively yells "TIME!" loudly as the pitcher is in the middle of his delivery to the batter. It didn't seem like anybody reacted to the call, but it was a borderline pitch that was called ball 4 by the PU.

We let the play stand and i warned the coach about doing that. The other coach wanted us to call it "no pitch" and have everybody start over.

How would you have handled this situation?

PS- Game played under FED rules (yes, i thought about using 3-3-1 o, but i felt that it didn't apply in this instance).