I do use Itemrack for PvE/PvP/Resist/Riding swaps and auto-swaps, but to be honest I didn't even think of using it for this, nor have I ever used its keybind functionality.
As you point out though, would require two keybinds... I quite like my toggling method
I use Malch/Shanker for Muti, with Warp-Splinter as swapper.
For Maces I use Glad Mace/Mace with Blackout Truncheon as swapper (and if you're lucky you can get a haste proc too, though I'm not sure if that goes on swap back!).