Set Color Label using keyboard and/or AppleScript?

Is it possible to set Label Color of files and folders using key combination. It looks impossible, since in File-menu in Finder all those colors dots dont have own text row, that i could put to System Preferences>Keyboard & Mouse>Keyboard Shortcuts. There might be way to do this using AppleScript?

Operating System: Mac OS X (10.4)

tell application "Finder"
	set label index of theFile to 1 --or 2 or 3, etc.
end tell


0 -> No Label
1 -> Orange Label
2 -> Red Label
3 -> Yellow Label
4 -> Blue Label
5 -> Purple Label
6 -> Green Label
7 -> Gray Label

tell application “Finder” to tell application “Finder” to set theFile to get selection
tell application “Finder” to set label index of (result as alias) to 1

This is what i have sofar. Before OS X (8.6?) it was some how easy to add keystrokes to labels without AppleScript. I used to use ALT+1, ALT+2… but now it dont work? Problem with this script is that it labels only one file and it only changes label to 1. Ultimately i need script that is always running and waits ALT+1 & ALT+2… keystrokes. Thanks

Operating System: Mac OS X (10.4)