I actually found something in the Market... its called "Any Cut".
It's a little buggy on the Hero, but it does allow the creation of custom named shortcuts. I was hoping more for a way to edit existing shortcuts though.
There's also the paid version called "Better Cut". I hear there are issues with that too in same fashion. I'm hoping the Android apps don't have issues across mobiles or versions... it's not suppose too, but I'm seeing issues here and there with compatibility with different phones.