Default project peak file paths relative function

I would like to be able to store my reapeaks files in a folder instead of right next to the audio files. This helps keep things clean for browsing etc. As with the project settings ability to use a relative path per project for media files, aka typing "Audio Files" in the box will simply create a sub folder in your project to save the media to. So, I'd like to be able to type "Repeaks" in the box that dictates the peak cache directory, and have Reaper simply create a folder in the project directory for the peak files.

I understand that this option exists in another area - but would it be more elegant in it's implementation to have the option near the file folder path section?

Default project peak file paths relative function