Unfourtunately no, but this is something I greatly desire as well. Just because it is an "Industry Standard" doesn't mean every industry uses it. The ability to customize the section arrows should be something that Solidworks does as a default, afterall other software (cough, AutoCAD, cough) can do this without issue.
you can turn the arrows off using the drawing view dialogue
create the symbol you want, using the method that you are most familiar allowing insertion
save it for reuse and insert in drawing
I suggest a block, use Z for the letter, perhaps create a X & Y too, yeah, it's not a perfect solution, good suggestion for enhancement!
Are you talking about creating a block? Could do that but would have to edit for X, Y, Z.