Add ability to create sub menu items. For the first incarnation allow the menu item to be an execution of an SQL code snipet with replacement of the existing variables and the addition of schema, table and column being availble given the context of currently selected item.
If we can't have new menu item ability, how about a sub menu which is existing code snipets that are flagged to be executed via the object explorer (Would be a check box option for each code snipet).
Essentially this gives us context based on the selected item to execute any snipet using context variables. For instance, say I had the table AAA selected. I could right click, click on snipets and click on a snipet called Declare Variables. My snipet could use the database, schema and table name variables to generate declare variable statements for each column in the table.
This allows a lot of extensibility to generate code based on context.