As for actually adding it in, AFAIK, there isn't room for another item in the menu context, so one would either have to figure out how to shove the texts closer together or extend the blue menu window further down the screen. I'm not exactly sure, but I think Aali might have some control over things like that with his driver:
I control what gets rendered where
Adding a function would be quite difficult. I don't see it being a possibility within the confines of hex editing as increasing the filesize throws off all sorts of flow control. I think that perhaps somebody in the QGears project might have a better idea than me, but if you can find out where those strings I mentioned earlier are referenced in the exe, that
might be a start...
Just out of curiosity, what would you want the new menu item to do?