No, it wouldn't help anything. There are lots of algorithms because people have different preferences. As to whether or not one is "more secure" than the other, for the purposes of PasswordMaker -- password generation -- they are all pretty secure. Even with some of the "insecure" hash algorithms like MD-4, there are so many variables in PasswordMaker from which to choose (leet, prefix, suffix, modifier, character set, URL, pwd length, etc) that the problem space is huge. The hash algorithm and master password alone aren't enough to crack generated passwords.
Well, second option would be, IMHO, to have all versions with the best possible defaults ...
Hope you start using PasswordMaker!
I have already started
