I think the 'cooldown' part and the 'time use' part are separate things. Under Cooldown there are 2 drop down menus. I tried changing the 'Time use' and no luck.
Finally finding about some of the bots that are flooding the users online - bytespider apparently is a huge offender here - ignores robots.txt and comes in from a ton of different IPs
Ghan has said he has fixed this. Monovertex please confirm this fix. This was only a problem with people that had signatures in the upper levels like not the special members but the respected members.