Looking to clarify rule 5-8-3a...............

The way I interpret the rule, if a ball is being passed from A1 to A2 (ie.- the ball's left A1's hands, and is on it's way to A2), a timeout cannot be granted until A2 gains control of the ball. Am I reading this rule correctly? Thanks.

Yes - and you are interpreting it correctly, too. To legally have a timeout granted, the ball must either be in player control or at the disposal of a player or be dead ( the ball, not the player :p)

There is team, but not player control during a pass. For there to be player control, a player must be either dribbling or holding a live ball inbounds.

Mr. Padgett is, as usual, completely correct. Player control ends during a pass and time-out cannot be granted when there is no player control.

Someone pointed this out to me after I had thought I'd found a devious way to avoid a turnover -- quickly call timeout after throwing a bad pass before someone else touches the ball.

Preventing my devious play, I think, is the reason for the rule.