Regardless of if i hold back or not, I cannot definitively say if its possible to do exactly what I want. I can get my hotkeys working but it would be a major step down from what i was hoping for.
my end goal was to have a expanded hotkey set that basically doubles the avilable slots from the standard 7, since the mcm side is working I can use my scripts to successfully emulate keypresses using the normal 3 DPad options (left, right and down), with a slight hiccup.. any items in those slots will also be used.
However I cannot use the other slots in a satisfactory manner since i have found no way to completely disable those controls (things like the action, pipboy and reload buttons).
If you really have no problem with it, I can finish the script to allow the 3 hotkeys (left, right and down) to set and emulate keyboard presses and call the added effect of the used items on those slots a "feature".
I wont be able to do so until atleast 3 hours from now though, as I am re-installing NewVegas.