Here is what I do for jumping.... pretty much in line with what you mentioned with grabbing paws, but I also reward for a non-jump up.
Start up a training session and get the dog real worked up. Play with them, pet, etc etc. Stand up and pat on your thighs and say "up!". Most dogs will jump up immediately. When they do, grab their paws and pull them around your waist and kinda behind you. This will prevent/limit the pup from biting at your hands. The dog will be ok for a second, then start to get uncomfortable. They will struggle a little but hold on! When they give a little wimper, drop them and tell them "OFF". Don't reward at this point. Start over, and when you ask for up... if the dog hesitates AT ALL immediately treat and reward (use a clicker!). Pretty soon your dog will no longer want to jump up because you may grab them, and they get more treats when they don't!
Here's another trick for strangers or kids that are really exciting your dog when meeting during a walk. Before you let them pet your dog, tell them to hold on a second. Reach down and put your foot on your leash at a length that allows the dog to stand, but disallows them from jumping. Tell the strangers its ok, and you're pretty much guaranteed to have a no-jumping encounter. This works great if you are using a pinch collar, and have a secondary leash attached to their normal collar (so you don't loose your pup). Another thing you can do is just grab the leash at like 6" length, but take a knee and get down at the same level as the dog... give your stranger a hand at petting. More hands the merrier right?