I think the NBA should have implement TV replay a long time ago on shot clock/last second shots type of plays. If they had the rule to do so in 1998, Howard E. shot would have counted and Ron. H's would not. You don't really have to stop the game immediately or at all. The replay official could just notify the refs that the shot was good or a 3 pt and during a time out the coaches could be informed.
AS far as fouls, I don't think you could really do that without negatively affecting the game. Fouls are judgment calls but they do use replay to override flagrant fouls, I just think it would muck up the game if they started doing it on fouls during the game.