I've never used the launcher (yet, I was waiting for it to pop into the app manager).

But if you choose to do the "Home button launches telescope then the launcher", could you also consider that when you're in the launcher, pushing again on the home button would open the subsequent panes in the launcher ?

So if I have 3 panes (let's say "My selection", "Internet" and "Extra"), the first push would show Telescope, the second "My selection", the third "Internet", the fourth "Extra" and the fifth could maybe go back to the desktop.