I guess I didn't phrase the words correctly, what I mean is what you mentioned: wheels. The current wheel as exist in vanilla Oblivion only have eight contents, I was thinking of mod that expand or even change the wheel appearance so that it has ten, twelve, or more spoke of wheels (contents) so to speak. Therefore the use of modifier keys are not necessary and user can directly see contents one to ten/twelve.
Oh, in that case, no, such a mod does not (yet) exist, as far as I know... There are mods that allow you to have direct access to various spells and items, without the use of modifier keys, but none that alter the menu files in such a flexible manner. That sounds quite difficult, actually...