Christoph asked me why I thought the squiggles on the audio were the sound of the contacts, which turns out to be a good question.
Here's a trace with the microphone audio above and the left paddle closure below.

So the paddle closure happens before the squiggles start. The cheap microphone, even
though it's only a few mm from the paddle contact, is not registering the initial
closing of the contacts, it's registering an aftershock.
And my logical streams are active low, because the bit pattern for 1 as a 32 bit fixed, is the
bit pattern for -1 as a 16 bit fixed.
And a trace with the left paddle closure above and the sidetone below.
So the left paddle closure appears to be about a half ms before the noise of the click and the
start of the sidetone.
But the flat part of the sidetone between the paddle closure isn't really flat, it's just too close to zero at this scale.
If we amp up the sidetone by 20dB and spread the horizontal scale we can see that the start of the ramp gets
closer to the paddle closure. Samples at 48000 are 20.8 µs so most of what the scope is drawing is interpolated,
and it's a Simple Scope so I can't turn the interpolation off. But I expect the first non-zero sidetone sample is
only 20.8 or 41.6 µs after the paddle closure.
And I also learned that Ctrlr Program > Send Snapshot menu entry sends the current values of all the
controls in the panel to the keyer, making it easy to synchronize the panel to the keyer. There's also
Program > Program Snapshot which saves the current settings in the Panel > Midi Library in a form
you can rename, copy, and paste back into the panel.