Ah, yes, has happened to me, too.
The macros that you wish to edit in this way must have a trigger for "Global Macro Palette Entry".
At least temporarily while you are editing back and forth.
Without any active triggers, the Global Macro Palette will not appear at all.
Using the option+click method I described above allows switching between many macros quickly.
Not limit.
No other macros to install, maintain, learn.
No Apple Script.
Just use the option+click edit feature already built in to KM.
But actually open for editing, only one at a time.
Example of Global Macro palette and required trigger:
.
If more questions, I encourage you to ask.