A couple of points,
strateandlevel, it is not a commonly used (or widely approved) phrase in the UK military however there are some units who have local orders allowing the phrase.
Whilst I personally think it is a very useful phrase (after all does it really matter to anyone else whether the aircraft does a low approach or a touch and go), I would be very wary about using it for a 'stop/go' as indicated by FWA NATCA. The problem with this is that you don't know when the aircraft is going to commence his take-off roll.