I try to get everyone in the stage management staff to use the same notation for missed lines in the script. A circle for paraphrasing, and S shape for transposing (around the parts they switched around, almost like a circle, but shows which words misplaced which words). A circle for added words (in between others). A big "J" out to the side for Jumped, L for Called "Line", D for dropped. I try not to tell them "what they actually said", but keep things to the actual script. I don't do line notes all the time (though I find lately I've gotten directors who want them every day). But if you have a joint "language" for stage managers, you can take turns who does the line notes, and if you're really lucky and have a spare person during a run through, that person can be writing down the line notes for people a page or two after you've turned the page, and you're nearly done by the end.
When doing them by myself, I tend to give people a page to themselves, using an Excel line chart that lists page number, a key for what they did (the same L, J, etc), and the correct line, with underline/bold of the correct words, and asterick if they added in things. I've done the single-strip things in the past, but if there are very many line notes, it's a huge waste of paper I think.
When our line notes for Rosencrantz and Guildenstern are Dead were SO extensive, I started giving the boys gold stars at the bottom of the page for every time I erased one they'd corrected the next rehearsal. That certainly helped their morale.
Erin