at what point?

[Bad Zebra]

Interesting scenario. In Florida, by state rule, there is a running clock once a 35 point differential is achieved (call it a Slaughter Rule if you like) so this sitch would apply to Fed governed contests here. The rule further states that the clock shall only be stopped for time-outs and Techs.
Thus, in the original sitch, I would proceed as follows:
1) we have an officials time out. (stop clock)
2) If the blood situation has been corrected, the time out has been concluded. Lets all set up for the free throw, if applicable, and
3)start the clock once the ball is at the disposal of the thrower.

Not sure if it's spelled out specifically anywhere for us, but that's my best guess how to handle it. Anyone have a better solution?