Yes TB act as menu in any application. But there are one huge difference: TLB is other application. I try to explain.
The Alt+S from Outlook is not actually hotkey. Microsoft name it "Accelerator". Accelerator are working only inside application. Hotkeys are property of system (Windows) and work in any application. So when you set hotkeys in TLB you must be sure this keys combination is not used by any of your applications. Using WIN key for TLB hotkeys is very good because usually other applications do not use WIN key.
Now about accelerators in TLB. As in any
standard application accelerators works only when TLB is active. There are two ways to activate TLB:
1) Open TLB menu
2) Press WIN+D then TAB, TAB
As you see the second way is too difficult (but this is the standard feature of Windows).
So to make the accelerators work on toolbar too we must activate True Launch Bar. I can add one more option to activate toolbar by hotkey, but I'm not thinking that this is a "must be" feature. If you want to use keyboard you can setup hotkey for any menu. Also you can use CTRL+LEFT and CTRL+RIGHT to open previous and next menu.
Anyway I'll add accelerator to toolbar too, when toolbar is active
What the other forum members think about this?