I really like the suggestions in the OP, but would be even happier if we could get categorized, auto-filled radial menus like in The Temple of Elemental Evil. That game completely solved the problem of how to do radial menus for games with lots of categorizable, dynamic actions very well. It's also D&D and their design would slot right into this game.

Which is to say while I think giving us better ways to manipulate the current radial menus as suggested in the OP would be great and I would be grateful for them, I would much prefer to have auto-organized, -grouped, -categorized radial menus as in ToEE that didnt' require any work from the player. Having a favorites section in there would be nice for easy reach, best of both worlds - but I would take the auto-menus as in ToEE over customization.

Biggest problem with requiring us to manually craft our own preferred menus is that it's very difficult to achieve consistency across all your characters. You have to manually edit all their menus to be the same. And if you then discover a better way to organize stuff, you then have to re-edit all those menus.

I've given up on consistency, it's too much effort. Which means I now have to visually scan all the entries in menus instead of relying on muscle memory more - muscle memory will really help in such a huge game with so many options.

All that said, I did about 9 hours of the game on the Deck while traveling this week and am happy the customtizable menus exist!