Doesn't that just bring up a dialog box where you have to search through the radial buttons for "Paste Without Formatting", select it with the mouse, and hit "Ok"?

An obscure keyboard shortcut (vs 4-5 common ones), finding your option, and switching to the mouse doesn't seem like a better solution. Plus it's not universal.

Yes, however you can do:

Ctrl+V, Ctrl, T

To paste then remove formatting.

Personally I still use notepad or the address bar.

Up arrow, then enter.