I've also been working on this feature as well.

It can be done by editing
/etc/mce/mce.ini
but it's quite the pain since you have to initialize it again, and for some reason, it messes up several other settings.

I believe this is the command being executed when the Home button is pressed.

dbus-send --system /com/nokia/mce/signal com.nokia.mce.signal.sig_home_key_pressed_ind
/etc/init.d/mce

Is there anyway to stop this from happening?

I really don't care much for constantly editing that mce.ini file.

Big thanks if someone responds to this.