Here's what I would have done. Do not foul initially, but if Marquette passed the ball backwards, which they did (resulted in a turnover), then I would have unquestionably fouled before a shot could be launched as the play set up by Smart would have taken at least 2 seconds off the shot clock before the attempt.
You just have to be careful not to foul a three point attempt.
However, what I did not like was after the turnover and Sha putting five wings on the court he set up Dawes to run into the backcourt. I guess as a decoy taking two defenders with him because you absolutely never throw a backwards pass in that situation. But then the result was you inbound the ball to your worst foul shooter (by average) on the court. Just not smart. Get the ball in the hands of Richmond or Davis since you took Dawes and two Marquette players away from the ball.