"hold your line", "clear the path" or "beggar off" is too scary for this area. I'm not interested in spreading that kind of feeling. "passing" or "on your left" is adequate and that's what the local bicycyle cops use.
People jump out of their skin as it is, at least they can choose to walk with dignity and not fear when they hear a bell. So I've belled two of my frequently used bikes.
You have to slow down here to pass anyway because all local hike and bike paths have rules that require bikers and skaters to yield to everything else.
Most don't issue a warning at all, however. Silence seems to be the rule.