Shortcut Rotator

Perhaps a strange idea but i would find it very useful, plugin that would allot to merge two or more shortcuts, you click on one and TLB runs it and at the same time switch the shortcut to a another one. I think the picture explains it better. Just imagine you have two shortcuts, one turns something on and one off. You click on ON and windows run the program, TLB after running automatically change the shortcut to OFF, you click off the program closes and TLB change shortcut again to ON. This is only hypothetical, i need it to switch between two audio sources.