Legacy could be right. But the actions he references are kicks made where or when a punt or a place kick (either as defined) is not allowed to be made, or when the ball is loose, or in player possession of an opponent. That's not what happens in this case. In this case, a legal kick is still allowed by rule, and the ball is neither loose, nor in possession of an opponent.
Since there isn't rule language that addresses this specific action, I'm hanging my hat on 6-3-10-d, and ruling that the ball was kicked while illegally elevated. That's a 5yard penalty from the previous spot, and repeat the down.
This is one that needs an official interpretation from Shaw, in the short term, and a rule addition or change in the long term.
Good luck.