Is there a way to insert an action when I'm writing the macro using a hotkey? I use 'set variable to text' action all the time and wish I could inserted it using a hotkey like option+v, instead pressing cmd+k, searching for 'set variable to text' and double clicking on it. It's a minor problem.
Here's one way to do it with a bit of trickery ... maybe there's an easier way, but if so, I've not seen it :).
Insert set var to text action.kmmacros (28 KB)
How do you do this? Add whatever action you want to a blank macro. Right click and copy as XML. Delete the first four lines (before the opening <dict> tag), and the last two lines (after the closing </dict> tag.
Before the first <dict> tag, insert any character. Copy everything. Switch back to your macro. Create a new Set Variable to action, and paste in the text you copied. Now delete the first letter. Delete the dummy action you created earlier, too.
Then add an action to paste the variable you just set, and assign a hot key.
For me, though, I just use Control-Command-A pre-set to search my faves:
I have that bound to a double-tap of the left Control key.
-rob.
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Try using this action. You can assign a hotkey to it. It works for me.
But I think you should be using the Favorites category instead.
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See, I knew there was an easier way! 
-rob.
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For the general case, when you know what you are looking for, it is quicker to use ⌃⌘-A to call up Edit > Insert Action > By Name...