...takes too long loading up the menu or going through the hotkey to change my weapon, imagine switching form a Great Sword to a Deaddric Bow with the press of one button...
You can hotkey two (2) items to "left" and "right" on your D-pad (assuming PS3 or XBOX360 controller).
Hit "up" on the D-pad to bring up your favorites. Select the item you want to hotkey and then hold "left" or "right" until the number "1" or "2" appears beside it. Once done, you can simply hit "left" or "right" on your D-pad to equip the time without opening your favorites or the menu.
Ninja'd by Randomorph