If I'm cleared for touch-and-go it's never occurred to me that I wouldn't be allowed to call "stopping" and stop if some good reason arose, just like I could call "going around" and go around on a clearance to land
Sure, but the difference with 'cleared for the option' is that you don't have to call anything. It's already sorted out either way, and you can just fly the plane without talking on the radio.
Where I fly, if I'm cleared for a touch and go (not for the option) and then call to annouce I'll be stopping the inevitable next call on frequency is going to be "123AB go around", directed by ATC to the aircraft behind me. Then number three starts thinking about his fate...