FWIW, in the Xbox version of D2:ED when the game was paused you could hit a shoulder button to bring up a list of available potions, items and spells/skills. Any item/skill that did not need a target could be triggered when paused, which may be good enough for occasional use (that is what I did for healing potions), if you can do the same in the PC version of FoV/DKS.
