I'm going to give your hot key trick a try as the lack of these (wave editing) sort of tools disappoints me with Sonar.
In my wave editor and it's sister DAW you open the Gain dialog which is a simple little box. Then you set the amount up or down, this gain adjustment remains until you close the dialog box. You zoom in and highlight and apply. So quick and easy to run trough a wave file and knock the peaks off. All with a few mouse drags and clicks. It will also tell you what the Max level of the highlighted clip is.
It seems like it would not be hard to program this in.
This is my one and only feature request.