I'm actually currently at 476 skill speed putting me at a 2.01s GCD (with GL3) so I can afford to work True Strike in (in any cycle that doesn't include a non-form skill, as I mentioned). Current gear stat distribution doesn't allow for much lower than a 2s GCD (looking at an allagan/AF2 mix while maintaining ACC, you really don't gain much SS, mostly STR and Crit gains over melded HQ gryphon/DL mix), but SCH's fairy can help with that. I run into threat issues even without using True Strike frequently, even with well geared tanks because MNK is just strong when played at not-lazy skill levels. Threat not so much an issue on something like Titan where I have to move away every now and then, but fights in turn 2 and 4 it's something to be aware of.
As for hotbar, I keep my skills organized on hotbar by form. http://img96.imageshack.us/img96/3605/8heg.jpg I've since switched Mantra and Second Wind but otherwise the same.