Yes, a turning knob around the rim of the button, and you could change the button into a tiny touch screen (so it would essentially look like a mini Nest thermostat). This way, you could see the value that you are setting the button to before you click to enter it.
Yes, and it would be helpful if you could turn on/off these extra click options from the Flic app. If, for example, it had up to 5 short clicks, then the Flic could be used in a 5-star rating system.
As an educator, I really like this idea. When I am teaching a class or giving a seminar, I would love to get instant feedback so I know when the participants have an "aha" moment, when they are confused, or when they would like to ask/say something.