Please take all my comments as suggestions. Don't feel obligated to change anything that you don't want to.
Strictly speaking, your interpretation of the rules regarding location descriptions and names appears to be correct, although everyone else interpreted them the same way I did. I wish I could remember where I saw the guidelines, as they were very explicit. Anyway, as I said above, don't feel obligated to change the descriptions if you don't want to.
Regarding exclamation marks, it's a bit of a sore point with me, as I'm also a technical writer (among other things). The excessive use of exclamation marks always reminds me of the amateur school boy adventures from the dim, distant past. It always screams out "I'm an amateur and I don't know how to express myself clearly without using excessive punctuation." If you don't use exclamation marks unnecessarily in the first place, then you don't need the extra exclamation marks where one would suffice. The two rules go hand-in-hand. Don't use exclamation marks where you don't need them and don't use multiple exclamation marks. Once again, it's up to you whether you follow the advice.
In the case of your "TIME LOW!!!" example, it's in upper-case red text, so that draws enough attention without the extra exclamation marks. Incidentally, one of the disadvantages of using all upper-case text is that you can't distinguish between common nouns and proper nouns and you can't use UPPER CASE for extra emphasis. This is why I didn't use the optional rule of doing everything in upper case in my own game.