Sorry for the slow reply, been a busy week.
You can already set the menu to be fixed by using the fixed point alignment instead of docking (it allows you to set an x and y coordinate to attach it to) -- likewise, you could accomplish it by docking it within a module container (another available option) and make sure the placement is high enough on your page in a content pane.
I like your suggestion about having it "slide" off the screen to hide and thought about that when I was originally creating the module. I'll have to look into how to accomplish that though probably not in this minor release that I'll work on to support hiding in general.
I also like your suggestion about forcing the label to always show and will have to see if that is something I can accomplish using the library I am including (I am not the author of the javascript library used to drive the dockmenu). I have an idea how that can be done but will have to test it's feasibility.
Hopefully I have some time soon to get this show/hide feature into the module, it has been an insane week and doesn't show any signs of letting up yet.
Thank you for your suggestions!