Hold on a little longer....patience is a virtue. Releasing at the correct angle and time will also help you not hit your feet on the bar, but try not to be afraid of the bar. The bar may bite, but it doesn't hurt for too long. I recommend making an investment in heal pads, so if you do hit the bar the pain will be minimal. Good luck and please keep us updated on your progress!!!
How are you getting to the jaeger? What skill are you doing before it? Are you doing it from a giant?
A very important part of a jaeger is how you tap into it. It seems to me the most effective tap would be to drive the heels on the way down, hollow through the bottom, and then drive the heels again just before the release. The timing on the second heel drive is crucial. If you are finishing too far from the bar, you are most likely doing that second heel drive too early and/or letting go to early.
A video would help.
Disclaimer: this is a skill I have neither done nor taught before, so this is all based on how I would teach it. If other coaches with more experience than myself dissagree with what I'm saying, odds are they're right and I'm wrong.
You're basically on the right track. The way that you get it back into the bar is to hold the hollow/pike through the bottom of the swing a little longer (past vertical..i.e. directly under the bar) and then kick back into it a little later to initiate the rotation.
The common error that I see in the Jaeger is that gymnasts will do what I call a "butt lift." In other words, instead of really finishing the kick to initiate the flip, they'll start lifting their bottom prior to the finish of the kick. Often times, the gymnast can still complete the skill. However, usually, they severely sacrifice amplitude and sometimes end up too close to the bar.