the way the logic of the priority signal should work is, you have a standard signal in the direction you want, and a virtual combo pre-signal in the oposite direction. exampes below. the top junction in the screenshot is a representation of how it should work, and the bottom 1 is how it would look when complete.
Note: the key note is VIRTUAL combo signal in the oposite direction, a reversing train should see the back of a 1 way signal, and therefore not be able to pass. as for 2 way signals, i don't know how it would work exactly... but then you shouldn't need 2 way priority signals anyway.


Note: Screenshots were edited in paintbrush.
i came up with this method to minimise the number of new signal types required, while reducing the size of a properly functioning train network, as you can see, its only 1 extra signal type. it is possable that a low priory signal could be invented, in which case it would basicly duplicate the function of an entrance signal. you could then however add special logic to prevent priority signals interfering with a pre-signal junctions, but i don't see how this is required.