I prefer the first suggested solution more. With changing "Show Desktop" from CTRL+D to CTRL+M, there is the possibility there might be some windows that exist that are unminimizable – and therefore getting in the way of the button's functionality.

Would just like to add I have the same issue, Win7x64, v4.5.8. Been around for a while.

I guess it depends if Rammichael wants to spend the time and energy into having all explorer/taskbar tweaks in one place, even when they can be easily doable elsewhere.