No, I mean no option for a team to elect a side out over free throws on a foul that would normally result in free throws.
Let me take this all the way back to the beginning, so we can make sure we're on the same page. The way I would change the rule is that if a foul is committed against a player who does not possess the ball, and that foul would normally result in free throws, that player's team can elect to take a side-out with a 14-second shot clock, equivalent to a pre-penalty foul on the floor. Fouls on shooters or ball-handlers (when a team is in the penalty) would still result in free throws as they always have. This eliminates the hack-a-whoever strategy, but still preserves the ability to foul for possession when trailing late.