Is it really that long? Hm, that's ridiculous, you are right. I started working on AppleScript and contextual menus several times, but everytime things that were more important or more urgent at the time (like Leopard support) came up.

There probably is no solution to the keyboard shortcut dilemma other than letting users define them completely freely (which adds complexity). You see, when you use Cmd+down arrow (instead of Cmd+O) you run exactly into the problem I solved with changing the shortcut.