The fast slow down is a feature and not a bug. The signs that can be placed anywhere is also no bug. Its a just a suggestion of you to only allow them to be placed near rail since only there they have any effect.
Keep in mind that I have copied that mod. The original mod was designed like that regarding placement and to change that is probably complicated in code. Or do you know how to code it?
The smoother slow down is the case in the original mod so perhaps for you the original mod is better suited.