Yes, you can hotkey ingredients to eat them quickly. Just be careful as the first effect of that ingredient will be applied to you. If you're starting from scratch you won't be able to see the ingredients with negative effects so, if you eat a lot of them at once you could wipe out your fatique or even kill yourself.
As Kovacius mentioned you can also use the ingredients to make potions and sell the resulting brews. If, like Kovacius, you're concerned about abusing this to make easy money you could simply use an Apprentice Mortar and Pestle with no other equipment and no intelligence or luck buffs. The value of the resulting potions isn't that much that it can be game breaking but you'll still get the same gain to your Alchemy skill as if you'd made a high potency potion. (For those coming from Skyrim it's the number of successful combines that affects the rise in Alchemy skill , not the value of the potion.)
If you're not worried about abusing Alchemy;) :
Spoiler There are some merchants that stock alchemy ingredients that will immediately restock them once you exit their trade menu. The quantities are usually small but if, for example, they have 5 Wickwheat and you buy that 5 from them then sell that five back to them they will always have 10 Wickwheat. Buy that ten, sell it back and they'll have 20 Wickwheat. Repeat this a few times to get the quantities up then you can buy as much as you want with a handful of transactions instead of dozens. For example Dralval Andrano, the alchemy vendor in the Balmora Temple, sells Wickwheat and and Marshmarrow which are cheap, light and will make Restore Health Potions. I can see were some people would consider this a game breaker as, for an initial investment of 700-900 gold (to see you trhough until you start reliably making potions to sell for a profit) you can easily take Alchemy from 5 to 100 with no risk but carpal tunnel syndrom from clicking the combine button.