ASCII has a total of 256 characters (including Extended ASCII).
The string "WARNMSG" takes up a total of 7 bytes. This may be an acceptable amount of data to transfer if the networking implementation is efficient and you aren't sending it often.
However, since TCPObjects are horribly implemented, you really should attempt to minimalize the amount of data sent and received.
Instead of sending long names over the network, you can define a set of characters from ASCII that you use to indicate the command.
For example, you could say that ASCII #1 (\x01, not counting \x00 because TorqueScript doesn't support it) could do action x, ASCII #2 (\x02) does y, etc.
One character takes up one byte. You've just reduced the "WARNMSG" from 7 bytes to 1 byte.