yes you could create it by using key input along with if else command is current command (command) then set command (command) else if command is... etc
you can also in the mouse properties assign the right mouse button to cycle commands...
or using Lua: you could create the if else query I mentioned above to assign the cycle commands to the middle mouse button or mouse wheel up/down (middle mouse button & wheel is only accessible via Lua at the minute) & currently "alt/ctrl" doesn't seem to be listed on the available key inputs.
http://wiki.visionaire-tracker.net/wiki/Player_Commands (all current VS Lua commands)
http://wiki.visionaire-tracker.net/wiki/RegisterEventHandler (various event handlers & listeners: mouse, text, animation, action etc)