I guess the problem really is the fact that you have no recourse. Something happens that requires you to mute, and until those external reasons no longer exist you cannot un-mute. The option to lower the volume without creating a distraction is not available. Yes, as discussed, there are work a-rounds, but a mute button that mutes and a volume button that volume's (sic) sounds better..

See, if I could adjust the volume while the mute button is on, I could consider that multi-tasking.