You seem to have a decent grasp of this concept.
Something to consider is having a slow whistle for the foul and this will allow you to see if advantage develops, then you can holler out "Play on, advantage." You should try to avoid having to call the foul and award the free kick after you have given advantage. This is something that you will develop a better feel for with more experience.
As for having a word with the player, would you have done so if advantage had not been involved? In other words, if this player committed a normal foul and you whistled, stopped play, and awarded a free kick, would you have talked to the player? If not, then why would you talk to him in the case in which advantage was given? He heard you call out the advantage, he knows that he fouled, as does everyone else in the area.
Of course, after advantage is given, you certainly may go back at the next stoppage and caution or send off the offending player, if you believe this to be necessary.
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