Two color, 2 1/4” ARAMITH set for AMERICAN (not British) 8 ball game .

[Bob Jewett]

The players can either shake or bank for the break

I think I can guess "shake", but what does "bank" look like? Is it competing at a bank shot of any kind?

Same as "lag". Another word for it is "stringing". I think "shake" would be with a shake bottle and peas.