Bash: menu-complete only for few matches
It seems like there is no way.
I know you specifically asked for bash, but in case you want to give zsh a try, it uses ordinary list completion on the first press of tab, and cycles through the possible values on the second press. I think that is very convenient, and switching is a no-brainer as zsh is very similar to bash.
Hit tab twice? Or are you trying to get something like a command then either arg1 or arg2 listed after the command?
ANSWER:
You'll want to edit your /etc/inputrc and add the following line somewhere:
"\C-i": menu-complete
Then run this command to immediately set your changes:
#: bind -f /etc/inputrc
Unfortunately, I don't see a way to limit it by the number of choices, but that is how you can switch it alternate as you hit the 'tab' key
Reference:independentchaos.com