Hotkey for multiple weapon/magic setups?

I know about the favorite menu (Q) but is there a quicker way to change gear? Like the hotkey bar (circle) in Oblivion, there you could add weapons and spells to keys 0 to 9. That would be very convenient, especially for my caster that need to change through different damage spells, summons, weapons and torches. My rogue would benefit from it too since he uses daggers, bows and soon has the invisibility too. opening up the Q menu and selecting them manually is taking the immersion away too.

Solution 1:

From the quick menu, highlight the item you want to number and press the number you want to give it. Then, when playing normally, you can press the number to switch to the item.

See this video for a demo of it: