I'm going to stick with Dopus Magellan II after all. Somehow I forgot that it had that feature and was so easy to configure.
It has everything you need

One problem though. When I am creating a drop down menu I have been copying the icons of the programs I want to launch over the Prefs box, but what ever reason, WHD Games will not launch.
Maybe because WHDLoad icons don't have actual exe file causes something... One option which surely works for them is to use wbrun command to launch them. Like this in dopus function editor: (AmigaDOS) wbrun games:whdload/game1/game1