Joystick Gremlin & SC - Part 2: Countering semi-auto "feature" with macros 

That is correct. Assuming you would set the delay to be very small or 0, the macro could easily replace a button hold and another mode would not be needed. *However:* It is possible (even if not very likely) that a game counters a macro that is repeated so rapidly. It wouldn't be hard for a developer to detect that a button press is repeated quicker than a human being could possibly press a button and block that input. In this case you would have to slow down the delay (= frequency of button presses) to match the rate of fire of the ship weapon you want to use it with. Then the macro could no longer adequatly replace a button hold and you would need a different "button hold mode" for repeaters and gatling.