I prefer Service Scrubber for this kind of thing. It's been mentioned here a bunch of times before. I know having all your custom shortcuts in the keyboard preference pane is convenient, but:

• Service Scrubber has a handy UI for conflicting keyboard shortcuts from service providers, with all of them being visible at once.
• The keyboard preference pane doesn't care about which service provider supplies the functionality or in what submenu the menu item is (think about how many services you have named 'Open' or 'Send File'). This can result in the shortcut not being applied to the right provider when used.
• The keyboard preference pane requires exact capitalization and punctuation when you add shortcuts when you type them in. I've had mine not work due to an error with a cap or an ellipsis before, and had to stop and figure out why. Service Scrubber has them all listed by name, so this is kind of error is not possible.

Come to think of it, I'm a little surprised robg didn't mention Service Scrubber in an editor's note attached to this hint. He gave it a 10/10 when it came out. It was through that Pick of the Week review that I heard about it.

AIUI, ServiceScrubber won't work on signed applications, though, so the System Preferences method would still be required if the Service in question comes from a signed app.

Yea, the signed apps in 10.5 really make Service Scrubber less usable (sadly) than it was in 10.4. While it's still a fave app, the fact is that many of the services I want shortcuts for are from signed apps, so it's not usable.

-rob.