As simple as:

When press: Click.
When released: Nothing.

Then: End.

Solved:

The expert mode UI not quite intuitive, but realized there was a setting menu for both press and release.

_
Second question:

Can I reduce the amount of time the tap is being holded?

It is in average 35 milliseconds in hold status.

Can I reduce it to for example 10 milliseconds?

By hand-click it is totally possible to do, yet maybe the mouse macro has a limitation for tap speed.