I do like the hotkey idea, but you wouldn't actually need it for identification if new items are identified automatically (up to the level of the party's Loremaster ability, and assuming an identifying glass is in the party's inventory).

As for repair, I'm all about a "Repair All" hotkey, as I've posted elsewhere - this wouldn't "dumb down" the game IMO; just the opposite, in fact. But there's also more on this in the "UI Wishlist" thread.