Rather than repeating this command and piping through egrep, you should run once and pipe through FileCheck (see the other tests in this directory for examples). I.e. pipe through "FileCheck %s", then have several lines prefixed by "CHECK: " to look for the expected output. E.g.:
Please hold the press on this one for a bit.
I didn't see @chandlerc / @dblaikie comments on the RFC and they seem to not have been fully addressed.
I guess you may want to continue the discussion there before coming back to this.