This hack is not phrased. Someone emailed me that he is trying to come up with a phrased version, but I do not think it is available yet. There are phrases all over the place, since the original hack this was based on, was like that, and I didn't know better, when I started writing this.
As for running slower, there is no reason why this hack would make a board running slower, at least not at a significant degree. Here is an answer I've given in the past, to someone who asked about the load this hack puts on your server.
It's not a server-intensive hack, most of the information required for the program, are already fetched by vB when the other information is fetched. For example the decision to show the "Warn XYZ" link etc, is fetched when the postbit information and the $bbuserinfo information is fetched, so no separate query is needed. So is the information about a user warnings, warning points and bans.
When you warn someone, there are of course a couple of queries run, but that does not happen every second, does it?
As for the scheduled tasks, these should be run once a day, so nothing spectacular there either.
Overall, this should not add significant burden to your server.
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