Yes, we have played this game before, but i want to know what the perfect setup is...

I also want to know which ammo is easiest to find... i always buy hollow & use max charge...

I want a hotkey with the best weapons, the easiest ammo find... and only 1 weapon per ammo.

I only use 3 hotkeys. Sides and Bottom
The corners on the D-pad piss me of way too much when I try to get another gun and I get healed instead or something.

Same here, the corners are annoying and I just don't bother hotkeying anything with them.

I almost always have Stimpaks hotkeyed on the right arrow
Usually I'll have a poison hotkeyed on the down arrow and a melee or throwing weapon with the left arrow. Much easier than scrolling through my Pipboy constantly.

If I don't have the poison/melee setup, then I'll have a rifle of some sort on the left arrow and a pistol of some sort on the bottom.

Edit:
The perfect setup (would have to be on PC, so I could use numbers rather than D-Pad) would have Stimpaks, Slashers, maybe Buffout or Doctor's Bags, A primary rifle, shotgun or SMG, a pistol, and a melee weapon all hotkeyed in a order that is easy to remember. That would be ideal.

I really need to get a PC... :sadvaultboy:

Why did you put 360 exclusive in the title? All systems have hotkeys.

Anyways, I also normally use only 3 hotkeys. I'm in OWB right now, so I have Stimpaks on the left, Sonic Emitter on the right, and Proton Axe on the bottom. Though I have been know to use corner hotkeys when necessary; they are a lot easier to hit on the PS3 due to the superior d-pad.

Hahha I've never used hotkeys for items except once, all of mine are weapons and I do more than fine, I also never ever use any of the drugs, I never ever have to really xD

My setup is

Mercy Cristine's rifle
CZ57 Avenger Survivalist's rifle
Annebelle Holorifle Vance's 9mm smg

In respective button order
I usually just kill everything befor it gets near so I have like 300 stimpacks collecting dust and I just sell all my chems when I get em, It's all weapons for me, but if you want to use them for other stuff I'd go with stimpacks and a health giving food, the one time I did use the hotkey for an item was on a melee playthrough for like deathclam fights I used Bighorner steak(had like 60 of em) which healed me a very considerable ammount and give plus 3 strenght, so I suggest an item with healing and extra qualities