Dave, I agree that a smaller snap time would be great. As it stands, the greater the number of ticks, the longer it takes to snap to the default. Unfortunately, pitch bend is one of those areas that generally needs a higher number of ticks to get a smooth bend. However, it's worth trying a reduced number of ticks at 10ms to try to get a snapper response.
I actually found that it was best to use 0ms, but occasionally the slider (or knob) would stick and not snap back which is not good for a pitch wheel.