The OP left out an important option for letting people know you're coming up and going to pass them. It's freewheeling with a loud-enough rear wheel hub. My White Industries CLD hub is sort of mid-range loud. It's much louder than something pretty quiet like a Shimano hub, and not as loud as some others. When passing either pedestrians or slower cyclists I just freewheel for a few seconds as I come up within 20-30 meters of them and unless they're wearing headphones nobody ever fails to notice and look over their shoulder at me. I don't have to say a thing. It also doesn't come across in a "get outta my way!" vibe liking ringing a bell does (at least to some people).