commentformsettings doesn't handle comment forms embedded on a non-node/non-comment page

When using the commentformsettings module you'll see the following error:
Notice: Undefined variable: node in commentformsettings_form_alter() (line 129 of /sites/all/modules/contrib/nodeformsettings/commentformsettings/commentformsettings.module).
What's happening is that it identifies that the form is a comment form and tries to load the node from the URL using various techniques, but if you're nesting the node page in an usual location, e.g. using Panels, it can't identify what the URL is thus doesn't have a $node to work from.