Sounds like a great idea for an extension!
Yes is doable for blending modes.
under API, you can use "setBlendMode"
Next just create shortcut keys and you can apply blending mode at a snap!
Matt Stow has created a command to cycle through the blend modes: http://www.mattstow.com/extensions/Objects/FW_Blend_Modes_1_2.mxp
You might need to right-click the link and Save As to download the .mxp correctly. Once installed, you can set keyboard shortcuts to easily cycle forward and back through the blend modes.
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looks like the link is down?
got codes view istead of a mxp download
The link works. You have to right click and Save Link As (in windows, I don't know about linux ;') If you just click the link you do indeed get code view depending on browser settings.
Remember to save as .mxp extension and not .html... Not quite sure why they chose to do it this way...