hello! welcome! i hate to do this for such a well written first post, but i strongly disagree you.
my complaint is actually the exact oposite of this. when you are trying to keep your companions alive, it is extremely frustrating not knowing which direction their screams are coming from, and being unable to track them down in the dark.
i would prefer that instead of this helpfull information being squelched out, that it be augmented with some sort of directional indicator.
of course, the PC thing is to suggest both methods be implemented but having a toggle switch in the init file or something. but seriously. Toady's time is limited, and i like my way better.
as a modest suggestion, you can alter the scroll length of the announcements, or disable the |more thing altogether with a change in the init.txt file. this has the adverse effect of forcing you to hit "a" to see your own combat messages, if you are interested in them. it confers the benefit of having your off-screen combats fly by without forcing you to stop.
of course, as a less modest suggestion, i guess you can just tell me to sit-and-spin
the log is still pretty muddy to look at, but instead maybe it could be categorized into "show your messages" vs "show other's messages" vs "show all" or something.
right now though, i've gotten pretty good for scanning it for the important colors and focusing on the part of the sentence that tells me who is acting on whom.