I actually got mine setup as a toggle mute (in game option too!), but its still a huge pain especially if your in combat. PTT is a lot more realistic and easier to use at the fact that most voice programs like TS and VENT use PTT by default as well.
I'd much prefer PTT than the current setup.
Either wait for PTT and use military-like radio procedures to mitigate the radio/signal noise/loss (which I assume is by design?) issue. Ask FD for better comms. Or use a 3rd party app (like TeamSpeak, Ventrilo, etc.).