As to your question I'm almost certain that it is still considered a live ball. NOT an out.
Like the situation where a player catches a ball in his cap.
And I know it's illegal to throw your mitt to stop a ball in any case.
Hence my confusion about the TWIB ruling.
Remember that early 1980’s(?) Mariner game where their third baseman got down on his hands and knees and huffed and puffed and ‘blew’ a bunted ball into foul territory as it rolled down the third baseline? Sure a lot of crazy plays in MLB huh?
With respect to throwing the ball while in the glove, it isn't interference. AFAIK, it's only considered illegal to field a ball with a glove or part of your apparel.