As it is, the option to set the microphone opacity separately from the rest of the HUD is great. One step further I'd like to go, however, is toggling opacity of each microphone individually.

Going about my day normally talking with friends? I probably want to set the opacity of the "not talking" icon to 0%, so that the "talking" and "muted" icons are that much more noticeable.

Sleeping in VR with someone? I probably want to set the opacity of the "muted" icon to 0% so that the glaring red doesn't keep me up, but the "talking" and "not talking" icons still show to warn me that I haven't properly muted myself, or I've somehow unmuted.