Your first idea is great, and very easy to program. I'll go ahead and add an Audition toggle to the LMMS EQ right now!
LMMS currently only has linear envelopes, which is an absolute sin. Exponential envelopes sound better in almost every scenario.
If a change like this were to be made, I suggest we make it behave like the Slope knob in Monstro's envelopes.