Plenty of discussion of this amongst our forums. Saw mention of me even answering someone else that another poster gave suggestion.
However, I'm not looking that hard, as our search turned up 1-2 minutes for me to find several discussions.
Few more minutes I'm sure could result in the ideas.
However, I'll summarize Team Ulysses answer to previous suggestion to add it automatically.
1) It's called private. One on one.
2) If logging is enabled, psay is already logged in logs (Just in case you think #1 caused trouble, you can review them.)
3) If you don't trust certain user groups to use it, groupdeny it from that group, or userdeny from an individual. (Be careful of inheritance chains...psay is in a low rung, you'd need to add it to another higher group or all would lose psay if not careful)
4) Rinse, repeat, see #1