I use the keyboard almost extensively, especially in a text editor. I'd love it if every item on the menus had a keyboard shortcut, even if it were not obvious.
For example, on the View menu there's the "Windows" submenu that has the "W" shortcut, so you can press Alt+V+W to get the Windows menu. But there's also "Word Wrap" which has no shortcut, so you must use the arrow keys and search for the word wrap option. I know you can bind custom keyboard shortcuts, but it's also useful to be able to use Alt+ combinations for lesser used options (Alt+F+S Save, Alt+F+A save As, Alt+F+L save aLl, etc).
Basically, every item in a menu should have an underlined letter, even if it's a randomly chosen letter (and not an obvious one like "S" for Save).
Potential problems; if menu items are added later, the assignments might have to be shuffled around. If users are used to the arrangement, this will be annoying and confusing. Also, it may interfere with custom keyboard bindings (though arguably those should not be using Alt+ combinations anyway). Any thoughts? I wouldn't mind doing this, but I wanted to get feedback before attempting it.