I'm wondering wheter it is possible to let the popup menu showing the recently visited folders (Recent - RAW Command) be triggered by a hotkey? This hotkey should ease the keyboard navigation to quickly return to an old folder location without the need to grab the mouse.
The best thing would be to put the Recent list in one of your normal menus (if it isn't there already) and then access the menu via its alt hotkey. For example, alt-f opens the default File menu.
You can make pop-up menus which appear in response to hotkeys but making them close again can be a pain, especially with commands which generate lists of buttons like Recent. With Recent I think you'd have to have a separate Close button, or use a second push of the same hotkey, to close the pop-up after selecting a folder, which would be annoying.
Another alternative is putting the Recent command into the All Files & Folders and/or Lister context menus so that it's there when you push the context menu key (next to the right ctrl key on most keyboards). If it was in a sub-menu then it might be a good compromise between convenience and clutter.