To do this, you'd need to use
NVSE's http://fose.silverlock.org/fose_command_doc.html#GetHotkeyItem to check which items are being referenced by the various hotkeys, and its http://fose.silverlock.org/fose_command_doc.html#IsKeyPressed to detect when the mouse wheel is being used (scancodes 264 and 265 for up and down, respectively).
Equipping/unequipping the items could be done via either http://geck.gamesas.com/index.php/EquipItem/http://geck.gamesas.com/index.php/UnequipItem, or by using
NVSE's http://fose.silverlock.org/fose_command_doc.html#TapKey to emulate the relevant hotkey being tapped.
Cipscis