I've seen countless shooters and shooter hybrids that use a control scheme like you describe. I feel like "Action RPG" is a pretty thin term these days. Would you include Elder Scrolls and Bioshock to be "Action RPGs" for the purpose of your question?
Assuming that they are close enough, I've seen such games use hotkeys (typically the number keys at the top of the keyboard) to activate an immediate effect (use an item, activate a skill), change equipment, or to queue up the effect of clicking a mouse button. But these are all functions that the player would do far less often than moving with WASD or clicking a mouse button.