A couple years ago I quit saying anything with my signals at all. I'll verbalize the color and number, only show the signal, then verbalize the disposition. I consider it one thing fewer a coach can take exception to. If the coach wants to know more about the contact, he'll ask. Nobody else cares.
As for part 2: ART. 1 . . . A player shall not while closely guarded:
a. In his/her frontcourt, hold the ball for five seconds or dribble the ball for five seconds.
As was stated with such scientific precision earlier: 4.9 seconds to hold, 4.9 seconds to dribble, 4.9 seconds to hold. Which yields a massive 14.7 seconds total that a clever and daring ball handler can have the ball, all the while being closely guarded. Of course the entire home crowd will be going ape, screaming "five seconds!" and questioning your geneology, but that's all part of the fun of really knowing the rules