My desire: Press a key combo. If the palette is on (shows), then the palette turns off (hides). If the palette is off, then it stays off. I can't figure out how to do this. All I find are show/hide toggle variants.
Did you try "Deactivate Macro Group"?
If you select "Activate / Deactivate Macro Group" from the actions, you can then set it to only Deactivate, or only Hide for that palette.