I'm probably picking nits, but I thought it was a pretty bad timeout by Turgeon before Cooney shot the foul shots. That put him down to one. If Cooney were to miss, you have to call a timeout immediately, which they did - leaving them with none. Now you have to go end to end in 3.5 seconds. If you kept the second one, you can essentially just run a football play to complete a pass near mid court and call another one right away. Now you're looking at going half the court in 3 seconds and can actually draw something up that has a chance of working.
Flip side is if Cooney makes both, then you have two left and feel like you didn't use them. But you can do the same thing - call one to design something just to get it near mid court and use your second one. And if Cuse fouls you on purpose to deny a 3, you still have one left which could come in handy if you have to go to the floor for the offensive rebound off the deliberate miss or something (or say Kieta gets the defensive rebound, you foul him immediately, and he misses both - then you don't have to shoot a 70 footer). Maybe there's an "ice the shooter" element at play, but even if he misses, you still need to give yourself a chance to do something with the ball. Better off maximizing your offensive possession than rely on some quaint notion of icing. Syracuse up two, then yes, you can try to ice him - since you have no chance if he makes both (but not if you only have one left since you don't give yourself a chance if he misses).
However, I've seen coaches make the far more egregious mistake of calling their last one in that exact same spot, and then not being able to stop the clock on the rebound. That to me is pure idiocy.