With 2.3; the odds of them getting off anything but a 3 are slim. You lose either way if a miracle shot happens. I prefer to put points on the board.
Your first two points are correct....which makes your last point completely illogical. There is no difference between a 2-point lead and a 1-point lead in that situation.
Missing the shot is absolutely the correct play. Making the shot allows them to advance the ball down the court without any time going off the clock. Missing the shot means the clock starts as soon as BC touches the ball 90 feet away from the hoop. I'd say about 90% of the time, the only way to get off a shot in time is for one of their guys (usually a big guy mind you) to get the rebound, take one dribble, and try a 70-foot one-handed heave - and that's if they get a clean rebound. Attempting even one pass is extremely risky with that little time left. Of course, there's also a chance that we get the rebound, or they bobble the rebound and don't even get a shot off.
Shabazz made the shot, which allowed them to pass the ball twice and get the ball to within around 35 feet of the hoop. It is basically impossible to secure a rebound (especially if it's a big guy) and get the ball that close to the hoop in 2.3 seconds when the clock starts as soon as you touch the ball. Even in the best case scenario, which would be Hanlan grabbing the rebound near the foul line with a running start, I bet you he has to shoot it before he even reaches half court.