FG/Punting rules question

During FG attempts we have Brad Wing holding for the kicks.

If we were to have a bobbled hold, would he be able to pick up the ball and kick it like a punt down the field or would that be illegally advancing the ball?

Apologies if this has been discussed before. Just wondering if we work on that sort of "scramble" drill since he is probably comfortable kicking on the run and in traffic.