I compiled 4.8 from source with the linked commit and unfortunately still have the same problem with checkout notice spam.
It looks like every time I click compile, it pings any referenced blueprints and also wants them checked out.
Bizarrely, in one instance when I click compile, I get 14 checkout warnings.
If I immediately compile the same blueprint, it will then next only give 4 checkout warnings, then alternate between the two for subsequent compiles.
If it’s helpful, I can strip most of my project down to just the blueprints if someone would like to take a look. It will have a bunch of load errors for missing stuff (model/texture/sounds etc), but still exhibit the checkout problem when you try to compile a highly referenced blueprint.