Short answer: "Yes, but."
1. The timing might be awkward.
When it starts up, my Radial Menu script looks for any key being held down, notes the key code, and then checks for that key code on every subsequent loop of the main function. However, it has to cheat a little bit because there's a gap between the initial keypress and when Windows starts repeating it:
D
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D
D
D
D
D
D
...etc.
With your idea, as long as the timer for "how often should I run the action?" is longer than that gap it should work fine. It also might end up always running the action twice, at minimum, although I suppose that could be considered a feature to easily repeat actions.
2. Reaper doesn't offer an easy way to pass arguments to a script, like "run my script and give it this action ID: _____", so you'd need a separate .lua file for each action ID you want to use. They wouldn't all need the entire script, just the action ID and a a reference to "core" file.
However, it could include a separate "create new action" script where the user could paste an ID and have it generate the script file. Then they would just have to use the action list's Load button and find it.
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