Personally, I like Battlefield P4F's method of showing the menu while a certain key is pressed. Like if I spot an enemy, I hold Q and click 'Enemy Spotted'. It's really quick and straightforward - the danger is that anything more complex than that will just be ignored.
I would try for some sprites around the centre of the screen, like if you had 4 different squad commands, I'd have a quarter circle for each, around the crosshair - then let the player select one with just the region. So, I'd work out the angle of the mouse pointer from the centre of the screen, so it's in 1 of 4 quadrants - even if this has to be broken down into sub-menu's, it would still be pretty neat and straightforward I think. The beauty of using sprites is that you can get all those GUI functions in place quite easily, because you can fade, rotate, colour and scale sprites. Maybe make a pure white icon set for your squad commands, then set the colour to cyan, except for the selected command which you could make white. I would also make the commands translucent when not selected as well. People would remember where the command is quite easily, they would be right in the players field of view, and if you bind onto a natural key (like Q) then there would be no excuse for people not using the squad commands.

Health, Ammo, and bacon and eggs!
