Ok try this, seems to work here anyway.
Right click on your Mach shortcut and choose properties. In the target field enter this
C:\Mach3\KeyGrabber.exe /p MyProfile
The "MyProfile" will be the name of the profile you are using, for example if its the standard Mach3Mill profile the target would be
C:\Mach3\KeyGrabber.exe /p Mach3Mill
Also note that there is a space before and after the /p
Hood