I tend to agree, all good advice. Our vet noticed the same results when examining our cat in that it was also getting over stimulated. I suppose that is common with cats that have been adopted or neglected for awhile without proper socialization. Watching the cat and stopping before it gets to the point of being annoyed is excellent advice. If it goes to the point where the cat is feeling to stimulated then its only reinforcing that behavior in that situation.
One thing to remember, if the cat does claw or bite you, don't jerk your hand away quickly out of fear or supprise. Most of the damage people get is their own fault for jerking their hand away while the claws or fangs are still in a position to hurt them. Just stop moving your hand and slowly take it away and remember, the cat is not out to kill you it just wants to play and gets to excited about all that touching. If you can learn to control your own reaction to being playfully bitten or scratched, that should help reduce the damage to yourself at least and your cat will not be scared by a sudden hand movement either.
Also if you trim the cat's claws, just the tips, that will help reduce some of the possible damage to yourself as well. The best time to do that is when they are sleeping and content, and only take the tip of the claw off, don't cut into the "quick" (that v shaped pink area within the claw). Some cats dont like this so be prepared to spend time getting to know your cat and it becoming ok with you touching his paws and claws a little bit each day as you lightly push on its pads to extend its claws. If you dont have trimmers you can use regular finger nail clippers, but they have a tendency to cause the claw to break or splinter a little bit so real cat clippers are better.