Could you ask for some more time? You're only just 40 weeks now. I was induced with my first and it was certainly not an experience I'd care to repeat.

Re monitoring - because of the extra risks to you and baby of the induction, they do like to do it more often. I don't know that continuous monitoring is really warranted, however, unless there are signs of trouble. Sometimes they have mobile monitors (can't remember what they're called) - you could ask at the hospital if you could use them. Being stuck on the bed is absolutely horrendous! I only had intermittent monitoring until the last few hours when they insisted on continuous monitoring and I too was stuck on the bed.

You can always refuse anything you're not comfortable with - maybe discuss monitoring options with your doctor before hand also.