TextModeMenu or tmm.el was written by IlyaZakharevich and provides MenuAccessFromKeyboard. See Menu Bar of the EmacsManual for its description.

Part of Emacs since 1995, ‘tmm-menubar’ descends the MenuBar in a text mode menu by choosing a single menu level at a time, until you reach a leaf menu item. You can only go down in the menu hierarchy; you cannot go back up. There is no real completion, but you can use the first letter of a menu item as its abbreviation. Key-sequence shortcuts are echoed. There is no regexp matching.

RichardStallman has suggested that someone implement the go-up possibility for tmm.el after Emacs 22 is released. If you are interested in working on that, you might want to let the Emacs developers know: emacs-devel@gnu.org. – DrewAdams