I always put equipment in the same slots (4 is either Moonshine, Chute Vent, or Drogue Chute. 3 is Hydrogen, Tar, Impact Buffers. 2 Is always Kerosene) so I never get confused! I do have a Gamepad, so it's also pretty hard to accidentally the wrong key.
I think this is a good idea though.
But do other people cycle items through different slot, or do they have a 'slot' where each item belongs (obviously, this limits the combinations you can have, thus I have been known to violate my rule if I'm trying a new combo)? I generally have a set loadout for each of my ships.