this is why bbcode is used so commonly.
i wouldnt not try and just replace the first < w/ its html entity
thats VERY easy to get around.
stil not sure if you want users to be able to post html or not. it sounds like you dont, but you do want to let them have html in thier signatures.
if thats the case, i would implement bbcode.
if you dont want html at all, first, run strip_tags() on it, then run htmlentities() on it.
strip_tags isnt perfect, ive heard you can carefully craft strings to get through it. but htmlentities will clean up whatever is left.