It might be the timeout value as well.
Saturate your link and then from a shell try this:
ping -t1 $monitor_ip
Then slowly crank -t1 up by 1 and attempt again:
ping -t2 $monitor_ip
Keep cranking up the timeout until you find a decent sweet spot and if it is not too invasive we might be able to change this easily. Modifying SLBD to keep track of all previous ping counts is a fair amount of work since this is written in C.