Andy, I totally agree with you, and I drive exactly as you describe on busy motorways. The inside lane ( lane 1 ) is quite often the fastest lane and I can sometimes travel over a mile, passing very slow moving traffic in the outer lanes. And it is NOT 'undertaking' because I am already in that lane, having seen what's happening up ahead. I also agree with your cautionary 40mph whilst passing drivers who think it's below their dignity to ever drive in what they perceive as the ' slow' lane.
And the hard shoulder is a safety net if idiots do suddenly swerve in.
Cheers.
D