I use that very utility, and I can tell you that the start up chime will still sound off about 1 out of five times for no apparent reason, even though when I check the setting, the start up volume is down. I just about go through the roof when it does.
We bought my wife a used laptop off of ebay identical to mine that does not have that utility, yet has never sounded off the start up chime even once. I'd love to know what the guy did to it, but I don't know how to find out. I know that there is a better way to shut off the noise than this start up volume control that likes to fail at the most inopportune times. I've looked and looked and can't find it. I'm still looking.
Any other ideas I haven't been able to find?