I'm not really familiar with the default key bindings in ARK, but Capslock would be good, or maybe a mouse button? Would it be possible for it to be user configurable via .ini?

I haven't found a way in blueprint to be able to make keys rebind-able. Ark uses Unreal Engine 4.5 which is really outdated seeing as how unreal engine is now on 4.13 i think. Not only that I have no access to Action Mappings and cannot make new ones nor can I make new console commands. If I could make console commands then we could use the older style key bindings as a work around but I couldn't find a way to make new commands with what I have.

If anyone knows how to do any of what I mentioned then please inform me so I can add rebinding as a feature.

I was trying to avoid using embedded toggles like NumLock, CapsLock, or Scroll Lock. But if we get enough people to recommend it then we can change it to that. World of Warcraft used NumLock but I always changed it to either the Forward or Backward buttons on my mouse.

But so far the rec recommendations are:
CapsLock
MouseButton

The Tilde key is on the left hand and if I remember correctly is not mapped to anything in ARK or Steam.

Not a bad idea. It isn't far from reach either.