Custom Finder "go to" shortcuts

I am struggling with the new Lion finder features. There are some subtle differences that are putting me off.

I used to have custom "go to" shortcuts in Snow Leopard. For example, I used to have a folder called "Tools," and I had assigned a custom keyboard shortcut from the preference panel. Now I am not able to find those options.

Does Mac OS X Lions still have those options? If it does have them, where can I find them?

Default Folder X will do this and a lot more. Highly recommended.

(Aside: It was also part of one of the recent Mac Software bundles, so if you bought one of those, you may already own it. Otherwise the price may seem steep, but once you realize how handy it is, it's worth it. There's a 30 day trial.)

As long as the folder appears under the "recent" sub-menu, it will respond to a custom shortcut.