I thinks that's a good way to go.
I had to freeze frame the gif to see the chord setting,
So if I select the chord on beat 2 it will show all the tracks exempt from the select type "Hold" when "All Exempts" are selected, and same with Pushes.
Yes I think that's right to have the Chord Options in F5 also as the Chord Options dialog only has the 5 tracks in it, and they could also mirror your Chord Settings dialog in the Chord Options dialog giving it an update.

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