As far as I'm aware, the only reference to a team being able to decide what's best for them mentioned in the LOTG is at the coin toss (choice of ends). The rest is up to the referee.
Advantage presents itself in the attacking third of the field by whatever is happening at that split second in time.
Playing advantage purely because the attacker retained possession after a foul is something I'd generally only do if it was in their own half or near half way. That's in the interests of keeping the game flowing and normally what the players would prefer.
However, if I see a clear advantage develop in the final attacking third of the pitch, then that's exactly what it is and I'm playing it - irrespective of whatever some coach has told me.
How much of a complete spoon are you going to look by bringing a player who is suddenly through on goal back for a free kick outside the area because of some pre-match request by his coach?
No, it's the referee's call, based on what's in front of him every time for me.
By the same token, if a coach approached you before the game and said, "Ref, just for the record, we'd like you to play advantage every time today instead of giving the free kick - even if it's in our own area" - would you?