For item 3 (entries in a word list), see RFC-1751 - A Convention for Human-Readable 128-bit Keys, which notes that
The authors of S/Key devised a system to make the 64-bit one-time
password easy for people to enter.
Their idea was to transform the password into a string of small
English words. English words are significantly easier for people to
both remember and type. The authors of S/Key started with a
dictionary of 2048 English words, ranging in length from one to four
characters. The space covered by a 64-bit key (2^64) could be covered
by six words from this dictionary (2^66) with room remaining for
parity. For example, an S/Key one-time password of hex value:
EB33 F77E E73D 4053
would become the following six English words:
TIDE ITCH SLOW REIN RULE MOT
You could also use a compound fingerprint to improve memorability, like english words followed (or preceeded) by one or more key-dependent images.
For generating the image, you could use things like Identicon, Wavatar, MonsterID, or RoboHash.
Example:
TIDE ITCH SLOW
REIN RULE MOT