A new version is available in extras-devel (update: promoted to extras-testing). It now comes with a configuration applet (accessible through the device's settings menu), along with new configuration options.

It also depends on the latest version of hopbeat's proximityd, making its effect on battery life absolutely minimal.

Thanks to Helmuth for the icon

KNOWN PROBLEMS:
- Multiple successive shortcutd restarts (if you change the settings quickly many times in a row) might make upstart think that the process is respawning too fast and disable it. If this happens, waiting a while and using "start shortcutd" as root should restart it. Hopefully fixed in 0.1-2