That looks a little awkward. Good to know there are mods that allow use of all eight hotkeys properly, didn't even know that it wouldn't be designed that way by default.
I envy you.
Edit: Actually, that does look a little awkward. I still wish vanilla controls for hotkeys were the same as Oblivion's D-Pad, they could have put Wait in the menu somewhere and favorites as select. Then again, some people had trouble with Oblivion's hotkeys but I never had a problem.
It was not at all awkward for me. I am at a second nature with the controller. I guess the avid PC players can easily say the same for KB%M. I actually like it better that the Oblivion D-Pad, because I was always hitting the wrong thing. I ended up only using 4 of the 8. Now it's just a quick press of the LB and I have 4 more.
There are two files for that mod. I use the "My Config". Then there is always Xpadder for those that truly want to expand the power of the controller. I have to use that for playing Morrowind,Oblivion and The Witcher on the PC. Without that program, I could not play those games.