No such shortcut exists. I suggest checking the Wiki for command line options as there may be something there that will do what you want. I don't have the time to look right now.
Also, instead of having/using multiple libraries, you can use filters which would avoid having to go back and forth between libraries. The Wiki has some documentation on filters also.
I have never used filters before. But playing around with them, I could see their use. Because I did not know about filters, I created 2 main libraries based on encoding type. (1) library has lossy encodes & (1) has lossless encodes. I have some others based on other criteria. Doing it this way helped me keep my archive files separate from my "working" copies. I have way more lossy files than lossless. I tend to think more in terms of file structure than metadata (each library also has its own folder in windows to keep them separated).
I do see that filters could allow me to create one big library and filter them to create *sub libraries*. That works 99% for me. I also see I could make custom tags and use them as filters. This works great for things like audio books where someone actually uses the genre tag for the type of audio book. I use the genre tag to call them Audio books because I only have 3 authors and I don't need to define them further.
The only fly in the ointment is that I do have a few lossless files in my lossless folders for reasons of consistency. I.E. a bonus track from another version of the album that I could not get in lossless format.