I like that idea, too.
I want to make you all aware of that the new menu system - at least how it looks like right now - requires a new use of keys. Not a big deal for me and the most ML users, but I think that it can result in a bit confusion for many users in the beginning. Worth it, I believe.
Here are my Ideas:
Scroll wheel: unless submenu opened or a main tab selected, always used for iterating through the points. In submenu used for changing values. When main tab selected, iterating through main tabs.
Up/Down: Going through the menu entries, the point selector and main-tabs. (In that order: 1=main-tabs, 2=points, 3=1st-entry, 4=2nd entry, 5=3rd entry, ...)
Left/Right: changing value of entries, changing point in point-selector, changing tab in maintabs.
Menu: open context menu. Here you find add and remove from mymenu, as well as a setting for the point it should be added to in the my-menu.
Q: open/close submenu
I don't think, that more buttons are required. We should try our best to minimize the things the user has to remember in order to use the interface.
The points of the my-menu and their names can be set in a sub-menu in the setting tab.
Also, I don't think that adding only one parameter from a submenu to the my-menu is a good idea. Would be very confusing to find out in which context the setting is, where it comes from and so on. Also, you would mostly need to go somewhere else to activate the function afterwards.
And example: You have added the 'amount of frames'-variable from the HDR function to the my-menu. When you want to use it, you then have to go the HDR entry in the shoot tab first to active HDR.
And adding the entire submenu also only takes 1 entry space of the my-menu (since it's a submenu, obviously).
Another thing:
I don't think that a function to hide entries is required anymore. Now that we have points and the my-menu.
Another, another thing:
We still need to find out how submenu should be visualized. As windows (as it is right now) that overlays the interface to some extend or as a screen-filling, new interface. Or maybe something else?