I've changed my 'view to selected' hotkey and would like to make it a toggle shortcut that allows me either to focus on the selected object or toggle back to the whole scene. Can anyone help me with that?
Use the "forward slash (/)" in the number pad on your keyboard to toggle 'View Selected'
View to Selected
Goto>Tool Shelf Look for "Display Tab" at the corners where there are other Tabs. You will see "View to Selected" in the display tab options.!
For creating shortcuts
Goto>File>User Preferences Under User Preferences, Goto>Input tab>3D View>3D View (Global)
Additional shortcuts can be created there