MacOS – Mac OS 10.7.5 – VLC – Can’t find AB Loop Hotkey in Preferences

I use VLC as a video player for many reasons but mainly in order to benefit from the A-B Loop function where I can select a particular section of the video and watch it over and over again at different speeds. VLC for Mac OS does not allow users to add a loop button on the controller bar at the bottom of the window such as VLC for Windows.

The only option is to define the A & B points by clicking on the Playback menu item and scrolling down to A→B Loop to define point A, then do the same again to define point B, which render the function useless and overly convoluted, or at the least inaccurate and completely frustrating. The other option is to use the shortcut (hotkey combination) shift+command+L, which works somewhat better, but still is very annoying when trying to define specific points on the video where you want to the loop to start and end.

I tried to use change the Hotkey combination in Preferences under Hotkeys, but to my dismay, the A→B Loop is not listed anywhere in the list of functions under Hotkeys. How come? All other functions are!
I was hoping someone could give me some advice on how to make this function easier to use and/or how to maybe customize the A-B Loop Hotkey so I may choose a single key on the keyboard instead of a 3-key combination.

I would love to see in the future a visual indicator on the screen where users can visually define the A & B point on the slider. I'd hate to switch to a different video player because I love VLC otherwise, but if I don't find a solution for this particular issue, I might just have to.
Cheers!