If it's okay to be hotkeys rather than mouse I have something already coded that might be useful. It's called Selector. You can see a screen shot on this page:http://www.favessoft.com/hotkeys.html
It's kind of an oddball launcher using selected text or clipboard text. If you have a file or folder highlighted in Explorer the param sent to the program you launch from the list will be the complete path of the selected file/folder.
Since it really has nothing to do with Explorer, just the clipboard, you wouldn't invoke the context menu overhead. You populate the ListBox by dragging either programs or shortcuts onto it. It then prompts you for a short name to put in the ListBox.
It has a mechanism to select from a list of hotkeys. I haven't worked on it for awhile to add any mouse hotkeys. One novel feature, if the selected text should have spaces it has a custom Go button that wraps the param in quotes to avoid the "c:\program " not found business.
edit: I wrote Selector mainly to click in a browser address bar and open with a different browser without using plugins, or pick up selected text from an editor etc... but for your purpose you probably want something that would cycle through multiple selections in the clipboard. Selector is designed to really work with a single item. The same principle should adapt to an ahk script though.. maybe a small GUI with a few buttons for common tasks.