The new: (turn it into a table, and allow to edit shortcuts directly in the table)
Notes:
1. The first 3 lines in the tab go into the table, saving valuable space.
2. The big advantages are: Easier and faster learning and editing of shortcuts
3. When conflict happens, a tooltip like this should appear
4. "Search for command:" needs to be able to search by:
- The command as written in English (for user wants to copy/paste from forum)
- The command as written in the custom language of user
- The hotkey ("Ctrl+S" as text will hit on "File | Export...")
I found one disadvantage though:
As you can see in the bottom of "The old" pic, you can assign multiple shortcuts for the same action (Ctrl+W and Esc). (Maybe this is something that can be overcome)