Enable tools to work in a context-sensitive way (Example: Bevel)

In this video I explained the benefits of context-sensitive behaviour with regards to selection mode (vertex, edge, face) in MODO and Maya on the specific example of MODO's Bevel tool: (click to watch video)

Here's my proposal of how something like this could work in Blender:

One possible solution to have the best of both worlds (the simplicity of context-sensitive behaviour and Blender's ability to combine selection modes) is to have a hotkey (hypothetical example: * B *) that triggers the Inset (equivalent to MODO's Polygon Bevel ) when the user is in Face selection mode, but triggers the Bevel tool with the * "Vertex only" option disabled when the user is in Edge selection mode and finally triggers the Bevel tool with the * "Vertex only" option enabled when the user is in Vertex selection mode.

If two or more selection modes are active at the same time, hitting * B * could instead show a little dropdown list menu (like * CTRL+V/E/F * does) with the three options Vertex Bevel , Edge Bevel , Face Bevel (= Inset ) or a subset of which ever two of those options correspond to the currently active selection modes.

If this paradigm were well received it could be extended into other areas of Blender. :)