Does anyone know a way to create shortcuts for-
Transition of 0.5 sec - CMD-T (length set in pref), which is fine, I know how to do that.
But also have a key shortcut for -
Transition of 2 sec
and also,
Transition fade to black of 5 sec.

I know I can set default transitions, but what Im hoping to achieve is keystrokes rather than dragging and clicking.
:)

Select the Transition
type Control-D (for Duration)
type the length you want in timecode format (minutes, seconds, frames - in a 30fps timeline 15 would be 15 frames or .5 second, 200 would be two seconds, etc. - you can see what you've typed in the timecode readout immediately above the timeline) BTW you don't have to select anything, just type
hit the Enter key to effect the change duration

Once muscle memory is trained - do Control-D with your left hand and type the numbers and the Enter key on the number keypad with your right - this takes about one second

Is this what you're asking about?

Hope this helps - applies to clips, titles, anything selected

Thanks David.
Gave that a go yesterday and it is good for setting length.
What would be great though is if you could add a modifier to Cmd T to make it a fade to colour.
So cmd t for cross dissolve
And
Cmd shift t for fade to black.
Going to check this morning to see if it can be done.

No, I don't think you can have more than one "default" transition, even with modifiers.