Used to be common to mark the high leg with red, and often was on the right position instead of center position. POCO's meter needed high leg to be on right position to work properly is part of reasoning.
How much 120 volt loading you can have entirely depends on how the transformer (bank) is built. Single core transformer is often three same sized coils and is "fixed". A bank made of individual single phase transformers, can be built to suit the needs of the loads. If majority of load is going to be three phase loads they may make them all the same size, if the majority of load is going to be 120/240 single phase then they may use a large unit for that side and smaller units for the others, or even just one smaller unit and build an open delta configuration.
I've seen 50 or 75 KVA lighting pots with only a 10 or 15 kVA stinger pot before where the expected load on third phase was limited.