Using Signup Status for waitlist function

I've spent quite a bit of time with this module, and still can't quite figure out how to make it work to add a waitlist feature. I'm using Signups for people to register for events. The registration is limited to 30 people, but after it's full, we want people to continue to be able to sign up with a status of "waitlisted".

It sounds in the description like waitlisting like this is something that Signup Status can achieve, but unless I start applying the multiple patches I'm finding throughout the issues queue, I'm getting the impression this module isn't there yet. Or am I missing a solution that I can't figure out? Would appreciate any pointers!