One of the cool feature of MP 2006 was the improve GPS tracking and the all new Voice Directions. That was a GOOD improvement. The BAD is the API does not provide a new enumeration for GeoPaneState So after some reading and surfing I found some VB6 code from Sergiy Pavlov I used SPY++ to write a small class that toggle the GPS Pane on and off. From this sample code you should be able to access addition MP features that are not included in the API. To find other features, open MapPoint 2006 and then start SPY++. Use the Find Window tool and then start loging on that window. However be sure to limit the logging to only the WM_COMMAND unless you are interested in other messages.
After I open MP 2006 and type [ctrl]A. The GPS panel appear and SPY++ logs
00290B60 S WM_COMMAND wNotifyCode:1(sent from accel) wID:35037
Now I have the code to submit to toggle the GPS pane
if (this.myMpHandle != 0)
SendMessage(this.myMpHandle, WM_COMMAND, SHOW_GPS_PANE, 0);
privateconstint WM_COMMAND = 0x0111;
privateconstint SHOW_GPS_PANE = 35037;
The attach code should compile and be a starter for additional work.