Next to the current maximum cooldown time on fast travel, customisable with /fastTravelCooldown <ticks>, I propose to add a minimum cooldown time that can be defined by server management. The rate at which the cooldown time reduces each time a waypoint is used, should not necessarily be adjusted, assuming it is a relative reduction of the difference between maximum and minimum time. It may be convenient to maximise the minimum value to half of the maximum set for a server.
The cooldown time varies between defined maximum time and one tenth of that time. If a server uses the default maximum of 30 minutes (36000 ticks), the minimum fast transport cooldown time is 3 minutes. When the maximum is set to several minutes, which is a very common practise on many servers in the community, that minimum is reduced to only a few tens of seconds. The latter aspect is considered a drawback, but often accepted as increasing the maximum time is considered a worse option.
So, in practise, many servers use a relatively low value for the maximum cooldown time, and take the resulting minimum cooldown time for granted. From observation and conversation with people in the community I concluded it would be helpful to many servers if the minimum cooldown time could also be separately defined. This provides server management the possibility to both set an acceptable maximum cooldown time, while minimising waiting time and annoyance for players wanting to travel fast in the early stages of their server life, and an acceptable minimum cooldown time, resulting in reduced possible 'abuse' like for dastardly hit-and-run tactics.