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Using App shortcuts in System Preferences -> Keywords allows me to create a shortcut but it does not work when I try it in Preview.
I tried the following keybindings (which do not conflict with preview's bindings):
⌥⌘M, ^⌥⌘M, ⌥⌘K, ^⌥⌘K
If you don't apply it to "Preview" but to "All Applications" in "System Preferences -> Keyboard -> Shortcuts -> App Shortcuts" any unused shortcut will work:
and the resulting Preview menu: