Short Cut Keys

Is there is a way to asign keyboard keys to perform frequently used tasks?

For example when I am in code view I often switch between word wrap and have to View > Code View Otpions > Word Wrap
Can I make an un-used F button or an Alt code work instead?

One other related thing, can I remove options from menus. I want to hide / remove soe of unused options on the Insert List as it is too long (or will it in time revert to the Windows "where have the rest of my favourites gone?" and hide in frequently used list items).

I'm using DWMX and have DW4 installed if it's easier there.
thanks.