I think first you have to give the hold a second or two to make sure control is established beyond reaction time. Then start a one count (signal the reversal later, there's time to get to that). I have a one count, then the ref is in the way of seeing exactly when the bottom wrestler comes out of the 45degrees.
Plus, we have the benefit of video replay, in real time it's WAY different scenario.
Try officiating everybody, it is not an easy job! Some of the smartest wrestling minds I know ref, and make "questionable" calls all the time. It's the nature of sports.