Hey Enoch, I cannot repro. what you are seeing. Are you on 10.4.3.2 on Mac (I think you are on Mac right ?) But I have another suggestion. You can put the library icon in the tool bar and that will remove the need to navigate the menu, but alas it's still mouse work.
Oh - a sudden thought - it happens on occasion - still startles me !
OK - are you sure you have the library in popover mode ? Perhaps it's actually not. Could you double check your preferences and see that the preference in the Workspaces tab "Always show library as a popover (override with shift key)" is checked ?
And then if you are on a Mac then the key sequence is not Ctrl-Alt-1 (that's windows) but Command-Option-1.