The simple answer is no. But you have various other options.
You might wish to use this example for inspiration(or use it as is as it sounds similar to what you are trying to do):
http://forums.xmetal.com/index.php/topic,738.0.htmlAlso, Ctrl+Shift+I opens and puts focus into the Element List. You can navigate in there using arrow keys and insert a selected element using Enter. If you have the Element List floating (not docked) you can press Ctrl+Shift+Enter (rather than just Enter) to both insert the element and dismiss the Element List (see "keyboard shortcuts" in the help).
We are looking at implementing an alternative "Insert Element" feature for the next release so you could also wait for that.