Using the newest Development version of Quicksilver, you can now navigate the menu of the current application without a mouse, just by using Quicksilver. Unfortunately, the configuration of Quicksilver is not for the faint of heart, but Rui Carmo has nice instructions in The Tao of Mac.
I have chosen Alt-§ as hotkey for menu navigation. See an example for choosing a menu entry typing Alt-§ G R U (CD-Titel gruppieren = Join CD Tracks in iTunes):
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