Is it in anyway possible to have selective shortcuts active?

I'm not sure I fully understand your question. Could you please expand on it and be more specific?

Lets say you want to have the shortcuts active. Hit "K" locks blackberry, "B" browser, "L" calendar, "M" messages, etc. Now what if you only want some to be active and not all? Is that possible?

As far as I know you can't. But there are many people here who know far more than I do. Hopefully someone will wander in and prove me wrong.

near as I can tell is the closest you're going to get to that functionality is if you use the Zen based themes, it gives you a short menu (of 5 or 6 icons, depending on your carrier), then expanded menus with your full set of icons if you hit the menu key.

play around with the themes and you'll see what i mean. I use the TMO zen based theme because it gives me that 6th icon (as opposed to the built in version, which only gives me only 5)

Kyos, you either have Homescreen shortcuts active or not, not both.

If you explained what you are attempting, someone might be more helpful. For instance, if you don't want (M)messages to be active as a shortcut, just don't use it.