I'm not sure I understand your use case, but perhaps this will help.
- Trigger your macro with ONLY one trigger: a normal hot key ` is pressed.
- Use the Long Press Key technique shown here:
I think that should resolve your issue. One note: since you are toggling the behavior, there should be no need to hold it down for much beyond 0.5 sec.
You might also want to use a Semaphore Lock action (KM Wiki) at the very beginning of your macro.
Questions?