Win-D, double-click your desktop icon, then Win-D to restore your desktop.

Win-G works for desktop gadgets because they exist on a separate layer from the desktop called the gadget layer. Win-G simply raises the gadget layer's Z-ordering. (Technically, Win-D does exactly the same thing for your desktop layer, which means Windows already gives you exactly the functionality you're asking) Fences does nothing more than push icons around on your desktop. To do what you want would require Fences to create its own layer, move all your desktop icons onto it, then manage that layer. Technically doable, of course, but now Fences has become something it was never intended to be.

If you want quick access to an icon without having to show your desktop, get ObjectDock Plus and set up a tabbed dock. It's what I do.

Nathanael