On the front panel of the mkII it’s labelled as “Setup”, but doesn’t seem to do anything. Does this do something on the mkI version?
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There’s no FIX button on MK1 (presumably F/X came out wrong when the button was molded)
Fn FX is labelled Kit and does Kit options
Fn Trg is Labelled Setup and gives global/selected-track quantize options
Fix is for fixed velocity on the mkII.
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It’s the Setup for the fixed velocity, I believe.
“Press [FIX] to enable the FIXED VELOCITY mode for the pads and set them to trig with a fixed velocity. Press [FUNC] + [FIX] to access the menu where you can adjust the fixed velocity amount.”
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Ah, that makes sense. Duh on my part 
“Setup” is quite misleading since it’s just the Fixed vel amount.
Any idea why it changes to blue color when pressing TRK+FIX? (if already on setup)
You don’t even have to hold TRK, just pressing FIX in Setup Mode toggles purple and blue in a most pleasing way. 
Right. Maybe it doesn’t really mean anything.