If Suarez didn't block the shot with his hands, Ghana would've won, regardless of the outcome of that penalty shot. And that's what bugs me the most. Like you said, the referee did what he had to. Giving him a red card was the correct Punishment. It's just that the game should've already been decided.
It was smart of him, yes. But good sportsmanship, fair play, or any kind of honour as a football player there was not.