It isn't a fumblerooski as the ball never hits the ground, so it isn't immediately illegal (planned loose ball in the vicinity of the snapper). Rule 7-1-3-c-ex2 allows team A players to break the plane of their restraining line by pointing at the opponents (only in SKF). Rule 7-1-4 doesn't add a restriction, so I assume that you can point at the snap, too (again, only in SKF). #44 lines up legally as a back so he may receive the hand-to-hand snap. Thus, with pointing, illegal, without pointing, legal.