It doesn't appear the menu key can be changed to left_option on the Microsoft Ergonomic keyboard using Karabiner Elements.
After setting it up as per below, the key behaves the same way it did before installing Karabiner Elements.

It’s the “application” key, if that’s the key you’re referring to.
It’s the “application” key, if that’s the key you’re referring to.
Thank you, that worked!
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It’s the “application” key, if that’s the key you’re referring to.