No I'm not running Leopard yet since I'm waiting for one last piece of software (DigiDesign's Pro Tools) to announce full compatibility.

I'm running 10.4.11.

Will 5.3.2 (is there a final version yet or is it still in beta?) work with Tiger 10.4.11?

If it's still in beta, I can't risk putting my main production machine in that situation and will put up with the missing icons until some fix is announced or Nighthawk is finally released. I pre-purchased that upgrade.