Well I've hunted high and low for a silent, unassuming piece of software that worked almost identically to Connectix brilliant "Turbokeys" from their OS9-only COPY AGENT software (just waiting on somebody writing an equivalent to their "Smart Replace" in Copy Agent now too).
Works really well, although I'd like it to be easier to assign the Hotkey for the application I want to launch whenever the Application is dragged and dropped onto the canvas. It should be asking for the hotkey combination there and then rather than leave it blank. It is a little clunky to then have to go and double-click on relevant column to enter the key combination. It works perfectly well yes, but could be a little slicker.
It would have been nice if Beniot had seen Turbokeys in the old days.
Anyway, I would give it 4.5/5 at the moment due to the above, but am feeling generous today and *do* realise it's only at v1.1 of its development so can forgive my little quibble. It's stable though (in OSX 10.49 on my Intel MacPro) so I've paid the $15 registration and am very happy with it.