Thanks for replying everyone. Fascinating - I was expecting to see more of a consensus in how these things are used.
FWIW, and I may change my approach, here is how I ended up setting up mine. My 1st alarm is 500' before desired break-off altitude. I went with the pre-warning concept as then I know I have about three seconds until I should be tracking off (belly flying). 2nd alarm set to 500' above pull altitude for coming out of a track and slowing down, etc. Then my 3rd alarm is set for the hard deck, which for me is 2500'.
I have two banks configured, but still conflicted about what do there. On almost all of my jumps I have been able to get folks to break off at 5500', pull at 4000'. I do have a bank configured for 5000'/3500', but haven't used it yet. So I am not sure if I will use the one-bank concept or have two that I switch depending on break off and pull altitude.
On a couple of jumps people wanted to break at 6,000', so I just left things as-is - just knew the beeps meant you are there vs. the bit of warning.
Am I crazy for the following? When I make solo jumps I still track off at 5,500 as though I was in a group. This question really isn't an audible question, maybe I should post separately. To me this approach seemed like a better safety drill and improving tracking is always good, but I do eat up some freefall time I could use for whatever I'm doing solo.