I like the idea of identifying my competitive match-ups ("watch 23 and 40"), but my dialogue is usually simply "red ball, white arrow. Red ball, white arrow". This helps me know which way I'm going on an OOB call, and also lets me indicate direction immediately on the held ball. Once we're over 7 team fouls, I add "red's shooting".
When we talk about presence (knowing what you're doing), a few things look really really good IMHO: knowing the arrow right away (without patting your pockets), indicating immediately that we're shooting 1-and-1 and pointing to your shooter. Nothing looks worse than being informed that it's 1-and-1 and you have NO idea who the shooter is. Direction, arrow, and bonus. That's my internal dialogue.
By the way, this is post number
4,000 for me!
