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Can't you bind an applescript to a keyboard shortcut with the Keyboard & Mouse preferences? If so, you could use this script:

Code:
(*
	This script toggles the sequential/parallel nature of the selected projects.  Derived from Clear "Missing NA" Suffixes and Mark Completed by Curt Clifton

	Copyright  2007, Curtis Clifton
	
	All rights reserved.
	
	Redistribution and use in source and binary forms, with or without modification, are permitted provided that the following conditions are met:
	
		 Redistributions of source code must retain the above copyright notice, this list of conditions and the following disclaimer.
		
		 Redistributions in binary form must reproduce the above copyright notice, this list of conditions and the following disclaimer in the documentation and/or other materials provided with the distribution.
		
	THIS SOFTWARE IS PROVIDED BY THE COPYRIGHT HOLDERS AND CONTRIBUTORS "AS IS" AND ANY EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE ARE DISCLAIMED. IN NO EVENT SHALL THE COPYRIGHT OWNER OR CONTRIBUTORS BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATA, OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY, OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT OF THE USE OF THIS SOFTWARE, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGE.
*)
tell application "OmniFocus"
	tell front document
		tell document window 1
			set theSelectedItems to value of selected trees of content
			repeat with anItem in theSelectedItems
				tell anItem
					set oldSequential to sequential
					if class of it is project then
						set sequential to not oldSequential
					end if
				end tell
			end repeat
		end tell
	end tell
end tell
Curt, don't you need to update that copyright date?