I get the feeling this mod might be pretty hacky under the covers. Maybe I am wrong but I'd like to know before I start using it- whats the status of this project and what are the consequences of using it? I see that there's a warning on the README- is this still accurate? And whats the ETA on the fix?

It is pretty hacky, but when making something like this that's very script-dependent, hacky solutions are inevitable. The performance is pretty good though. The warning is still accurate, I keep my mod pages updated. No idea when it will (or if it even can) be fixed.