Hold on with automatic /mes! have to say something about panic button /me and about /mes in general.
First, I'm sure it is possible IRL to press the panic button on the radio while taking it and handing it over to the criminal gun-pointing you or while putting it on the ground. If you make it visible to everyone within 25 meters or so, it would be abused like "I saw you pressing the panic button" in situations when a criminal wouldn't be able to see it, thus possibly leading to admin situations and uploading more demos.
I can imagine me pressing the panic button while the criminal turns his back to me and him saying "I heard you pressing a button" because of the automatic /me action.
Second, the distance you see them from should be lower and it would be even better if it showed up only when you were looking in the general direction of players doing actions.