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The concept of the Fair Catch is simple, R forfeits their right to advance the ball in return for an unmolested opportunity to complete the catch. The decision if, and when, to invoke that arrangement is ENTIRELY up to R.
R announces their decision to make a Fair Catch, by giving a valid signal, which by definition suggests it should be visible, timely and meet the requirements of a defined valid signal. Most officials understand that a last second signal, technically valid or invalid, may not bind a defensive player to the requirements of a valid Fair Catch, if in the judgment of that official, the defense was not given a reasonable opportunity to respond to the signal.
By rule we are required to stop play when an invalid signal has been given, even though the rule clearly states protection is no afforded. As for contact after such a signal has been given, the basic principle is simply whether the signal, which evidently did not meet the requirements of a valid FC signal, conveyed a message to the defense that a Fair Catch was intended AND was, whatever signal offered, given with enough warning that the defensive player had a reasonable opportunity to respond to it.
Splitting hairs regarding miliseconds between the catch, the whistle and the contact is not the objective. The defensive player is entitled, if not required, to contact the receiver of a kick as soon as possible AFTER the catch. The FC signal, valid or invalid, has to be clear enough to announce the intention of making a FC with enough opportunity for a defensive player, bearing down on the receiver, to recognize the signal and respond to it.
When the receiver fails to deliver a valid signal, or any signal without enough advanced warning for the defense to properly respond to it, the fault lies directly with the receiver, whose penalty may well be the contact he could have avoided by signalling properly.
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