@HS2: Unfortunately, this is a bug that can not be contained in a hot fix or patch. It was big can of worms, because I soon discovered as I researched the problem that there were a lot of features that did not work right with selective display active. This problem has existed since version 4.0, so, like I said, great catch for being the first person to report it to us. The final fix involved changes to one of the DLL's as well as 79 macros. The good news is the problem, as well several related bugs, is definately fixed for the next major release.
Suggested partial workaround, since you are more adept with Slick-C than the average SlickEdit user, write a "show-all-push-ref" macro that does a show-all on all your open buffers, and then does push-ref. If you wanted to get fancy, you could even save and restore selective display instead of just doing show-all. Also, FYI, this isn't how we fixed the issue, the actual fix works much more transparently, only expanding hidden blocks as needed when you navigate to a reference.