For designers it's best to watch less anywhere outside workspace. Normal designer remember tools hotkeys.
Today i realized, that hotkeys might be not fastest and less disturbing way.
It won't disturb at all, because combination from example is free in Photoshop.
To say that again - you are asking that modifier and mouse wheel could be used to toggle the 3 or 4 previously used tools. Hmm its an idea.
At the moment you can set any hot key to toggle the 3 or 4 chosen tools by redefining your keyboard shortcuts, and unchecking "Use Shift Key for Tool Switch" in your preferences.