Thank you Phos for this alternate:
I was just sittin' in the liberry, and pulled one of my old Photoshop User magazines out of the stack...Jan/Feb 2006, to be precise.
Can't believe I didn't remember this tip from Peter Bauer where he devoted an entire page of his From the Help Desk column about Resetting Individual Tools back to factory default.
I wrote up all that mess and made that detailed screen shot currently in the FAQ section, when all that is required to bring up the reset functions is a Control + Click (Right Click under Windows) on the Tool Presets icon on the far left of the Options Bar.
(instead of navigating to the menu of the flyout panel, by clicking on the preset picker, then on the left facing arrow to display the menu and selecting reset tools)
Even crazier? Nobody ever pointed this out to us!
Updated thread with more legible text, and incorporated the suggestions in the original post.
If you get the reset Photoshop settings prompt at startup without holding down any key, and are running Mac Os 10.6.5 or 10.6.6, see this thread: