When the kernel panics due to a root mount failure, it locks up hard at this point, preventing either a Ctrl+Alt+Del or Alt+SysRq+b to reboot, or Alt+SysRq+o to power off. Is there a reason to make life harder at this point?

There is a traceback dump. While I'm sure kernel developers might prefer that, I think most people would prefer some quick messages that say what root filesystem was being tried (or the label or uuid being searched), and given the opportunity to type in an alternate root= string to try again, or at least to reboot or power off.

Add the line to your bootloader.

This will give you 10 seconds to read the console before the kernel reboots. Adjust number of seconds to your proclivity.

The issue is not that I can't read the console. The issue is that it won't reboot easily (requires power switch hold). Getting some more informative output was a secondary issue (e.g. an opportunity that could exist if a different handling a failure to mount is implemented).

You didn't understand. That append statement causes LiLO to automatically reboot
in the case of a kernel panic. At that point you boot with the saved, good kernel.

But, there's no way to let me do Ctrl+Alt+Del when I'm ready?

No.