I have no idea if this is possible, but I am using Frostcrag Spire as my home in my current game and the place the game puts you when you fast travel to Frostcrag is decently far away so I have simply been using the coc FrostcragSpire01 command. Is there a way to keybind this in the .ini or anything like that?

If you converted that to a teleport spell, then you could.

You may want to check out http://www.nexusmods.com/oblivion/mods/38916/? instead. Dwip's mod offers many improvements, without being overpowering and he includes teleporting to the Spire.

You also might want to check out http://www.nexusmods.com/oblivion/mods/34735/?. The best hotkeys mods in my opinion and TNO allows you to bind many more things to hotkeys.