Try setting it to .01. I read somewhere (probably in this thread) that .01 is the new minimum and that the FAQ just hasn't been updated yet.
Is there a way you could add a instant payout option? I mined on this pool for a few months and have 0.033 BTC on the pool but with the current rates it would take me over a month to get it to the minimum 0.05 BTC in order to get the coins out. Would rather not lose that $30 or so...
Even if you charge a .01 fee or something that would be fine. Something is better than nothing.