...
Depending on my applications I could be strangling the late comer which is 
definitely not good.  Whether this is worse than strangling the early bird and 
having overlap with the late comer is something I can't predict.
...

IMO, I would go with the softcap.
The hardcap would strangle everybody all day.

The softcap may (or may not).
You have workload balancing options:

Defer work
Don't run it
Throttle it

-teD

In God we Trust!
All others bring data!
  -- W. Edwards Deming

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