It's an interesting idea but I think the chanting is really no different than the special music you get when you're in impending danger or in combat. That is, just a sound effect designed to either tip you off to something important that is nearby or to contribute to the player's (as opposed to the PC's) experience of whatever is happening at the moment. Special sound/music = something special is happening. Like the sound effect you get when you level up, it's not like it means someone somewhere is making that noise in honor of the achievement.

Of course one can always RP that the Dovahkiin IS being "called" to the Words of Power by a sound only s/he can hear. Which is also totally cool. Nevertheless I don't think those words are there to serve as something special to anyone, the inscriptions are not really anything special in their own right, mostly just the standard epitaph/memorial type stuff you would expect when someone erects a monument to something. And IIRC the inscriptions don't refer specifically to anything having special importance with regard to the Thu'um or any once and future Dragonborns. They're written in the Dragon language because that was probably the most sacred language in those days, possibly the equivalent of Church Latin in medieval Europe.
The words that the Dovahkiin learns from the walls weren't put there because they are Words of Power, it's just that some of the words used in the inscriptions are also words that are used in Shouts. They mean something special to the PC only because the PC is Dragonborn and so they are, to him or her, more than just random words in a foreign language. Someone who understands the Dragon language but isn't Dragonborn could read the same inscription and understand exactly what it means, but have no clue that one of the words he's reading is "special" to someone who experiences it in a magical way in addition to a mundane one.