Personally, I like the DTMF menus like the one in the Volt HUD better. I'm using binds anyway, might as well use them for this too.
But a better OM/armory menu is a very nice idea (mastering your binds takes time). But there's no need to complicate it like this since the alien evolution is a simple list out of which you need to pick an entry. So I think it would be best if for as long as you keep Q pressed the list would appear on screen and you'd move in it with the mouse wheel and if you left-click you pick an entry. The list should be auto-populated only with things that makes sense (only forms you have enough evos for) and not appear at all if there's nothing you can change in (ie. dretch with no evos); but perhaps emit an error sound in this case.
For humans, simply populate the list with all affordable and equipped stuff, only in two different colors, and let them use left-click to buy and right-click to sell, plus the mouse wheel to scroll.