Continuous motion?

[Adam]

If the whistles were blown at approximately the same time, the foul had to have happened before the IW.
Even if the phantom travel happened first, the ball didn't become dead for this until the whistle blew; which was after the foul. IMO, you'd have to go with the foul here rather than the IW.

[Back In The Saddle]

Seems to me that this would be like an end of quarter scenario. The shooter is in the act of shooting, so what happens next depends on when the horn (whistle in this case) goes off.

If the shot has been released before the horn (whistle) goes off, the ball is not dead. If the basket is made, count it and shoot 1. Otherwise shoot 2.

If the shot has not been released, the horn (whistle) kills the ball. But the shooter was fouled in the act of shooting and is entitled to two free throws.