Just seconding the other commenters' concerns around this implementation.
I and other people I know use global keyboard shortcuts with App Store apps constantly as a core part of our workflows, and always use a lot of modifier keys so that they don't conflict with other applications.
Having a lot of little utility-apps driven by keyboard shortcuts is a fundamental benefit of macOS for us.
Maybe RegisterEventHotKey could allow a limited number of Shift/Option registrations per app as a middle ground? I think apps generally only need a couple of global keyboard shortcuts, and that'd prevent any useful key-logging.