Yes, you can create a conditional activation group that is only active while the menu is visible (or while it's hovered):
Then you can add your shortcuts there and they will only be active while the condition is true. You can use the "Execute Actions For Trigger" action to execute the actions of a specific item. (Or just define the actions again there)
To change the appearance of a menu item you can use the new "Update Floating Menu-ITEM Properties" action:
