how many characters can the unit display? like 8? that should be plenty, unless it can scroll. i'm not sure how other people would use it, but they way my modfactor is set up is by mod types. so since the first bank is chorus i'd name it chorus. i'd know that 1:1 is a mild chorus and 1:2 is more drastic. for bank 2 i'd call it "0 flange" cause 2:1 is a deep, slow flange and 2:2 is a faster, shallower flange.
another way people might want to use it is by songs, so bank 1 would be song A, bank 2 could be named song B. once i get to a bank i know what 1 and 2 are, but when i'm scrolling through in a live setting i tend to get confused, it'd be nice to look down and know my trems are loaded or my chorus or whatever.
i think scrolling through names would definitely be better for me than scrolling through numbers
