Just curious about the >Expand Selection & >Contract Selection as it’s not working on my version. Assumedly it is supposed to >Fold the parent task?
What is interesting is that if you depress ⎇⌘ before pressing ↓↑ to finish the keybinding, the cursor will turn into a crosshairs and allow you to select weird portions of the text from the middle of each line.
I’d really like an easy keymapping for fold like Folding Text has. Am I missing something? Thanks!
I’m probably misunderstanding what you are wanting. The basic Fold works perfectly fine (command-period) to fold/unfold whatever project you are located in. My guess is you’re referring to scripting: in which case my comments aren’t helpful!
Assumedly it is supposed to >Fold the parent task ?
English is the damnedest language 
(I can see how that assumption arises)
Expand selection transforms a collapsed cursor first to a fully selected word, and then to a fully selected line.
(Possible, of course that other keyboard assignments (scripts etc?) have overwritten ⌘⌥↑ etc, so best to start by experimenting with the menu paths (Edit > Selection > Expand Selection and its inverse)
Folding is toggled with View > Fold items ⌘.
Wow thank you both for your (very) timely replies and helpful guidance. Now it all finally makes sense! Much appreciated!
Gotta say - this community kinda rocks. That was some 
-time customer support…