I see your point, but at the moment the product works only by adding processes and not accepting wildcards or path.
As you said, there is a risk when using low risk, but you can minimize the risk following the McAfee KB55139
In adition, you could submitt a PER to see if McAfee can change the functionality in the next releases.
To submit a PER, please follow the KB60021:
Please, let me know your thoughts.