I just had an email conversation with Michael, one of the people supporting the plugin.
Here is his response:
"At the moment, the plugin doesn't distinguish between the "static home page" and "blog page" settings. I would encourage you to have your "blog page" the same way I do. Just make all of your blog posts in a category called "blog". Then the blog link on your nav bar can just link to the category listing for blog. The category description will then be used for the description field in the head section."
A valid solution! :)
I asked how much it would take to build that compatibility into the plugin...he said it's a pretty big project so we'll see what the range of time/donation required to help him do that. I'll post his answer here. This is an amazing plugin, well worth the donation - I think!