I love the idea of the panel shortcuts but it has two weak spots. The first is the doubled alteration key. This is a too difficulty gesture while steering the ship. Maximal one alteration key or the option to rebind the keys is necessary. The second weak spot is the connected function itself. I cannot remind 2x8 actions which differ from ship to ship. I think a function table with the signal names from the panel is necessary in the hud to be able to use the shortcuts precisely.
if you are getting ready to exit your ship and just wanted to shut off thrusters these things are useful, since you can use both hands, but if you mean using them while flying and not being able to take your hand off the mouse, i dont think that use is intended, and if you want that use rebind it to one key press.
As far as remembering which combinations do what thing, you can make that part of the structure's design. You probably don't need quick access to more than three or four functions. You can put those important ones at the top of the list, and the rest can be added from the bottom.