I was struggling with this issue for ages myself. In addition to what you described, I wanted a solution that allows you to do ...
- create a text styles (saved font color, size, indentation, ...etc)
- apply any of these styles on existing text.
- Save text snippets in RTF format including images and be able to retrieve them with hotkeys.
I could not do it using MacroExpress. I knew it was possible with AutHotKey, I just did not want to spend time learning the syntax. I eventually did it with Perfect Keboard, and it works just fine.
But I do urge you or even Mouser to develop such a tool that allows you to do all of the above.