Tech or no call?

[JetMetFan]

If you happen to be a fan, this is really the only relevant part of the OP.

Originally Posted by upanddown

(the) shooter on the FT line holds follow thru arm high after shot drops, turns to the crowd nodding in showman fashion turns back towards bench walks 2-3 steps before dropping his arm for the time out called by opposing team while teammates patting his back.

If you're an official, here's the NFHS rule reminder from the 2011-12 Points of Emphasis:

B. Taunting/Self-Promotion. Players are increasingly directing their celebratory actions toward opponents, which should be interpreted as taunting and baiting, and penalized accordingly. Further, the committee is concerned with the trend toward players "playing to the crowd," attempting to increase attention and praise for their own individual accomplishments rather than toward the game itself and team achievements. While many of these actions are not specifically illegal by rule, extreme behaviors could and should be considered taunting and baiting of the opponent. Officials should remind captains and head coaches at the pregame conference that all actions and reactions should demonstrate appropriate sporting behavior.

So the short answer is yes, a T can be called and it's backed up by rule.