I rarely use MatchColor for anything other than some combination of String and Comment. Usually, find things that aren't strings or comments - code, or find only things that are comments or are strings.
Having a quick way to toggle ColorMatch on and off is great.
I'd rather have the hot-key just do the toggle, and a click on the "..." to change the options is fine -- I like the suggestion from Dennis -- when toggling on, only open the dialog when there are no colors selected.
(Alt-? -- where "?" isn't literally a question mark, but a placeholder for I don't know what key!)