What I've discovered is that I don't even want a menu. I want to hold the command key, tap the v key several times, and just have it cycle through until I get the one I want. It'd only release the past when I let up off of command (each tap of V would replace the previously pasted item with the next in this queue/ring). Command-C would just copy into the ring to the first position. Use another hotkey to remove an item, I guess. I don't need a visual history.