Photoshop: Shortcut to toggle Auto-Select layer (Change from 'Layer' to 'Group')

 1. Create two Tool Presets that consist of: 

a) Move Tool + Auto-Select + Layer 
b) Move Tool + Auto-Select + Group 

2. Create an Action that records when you select your Tool Preset: 
Make sure to assign a Function Key when naming your Action. 
(e.g. You can assign F1 for Group and Shift+F1 for Layer) 

Hope that helps :) 

Thanks, Luis. 

If you want to make a single shortcut that actually toggles, here's how (in Illustrator 2018). Make tool presets as above, but make 3 actions as follows;

Auto-select toggle (F3)
If  
current layer is layer group
Then Play Action: action "Auto select layer" 
Else Play Action: action "Auto select group" 

Auto-select layer
Select tool preset "Autoselect layer"

Auto-select group
Select tool preset "Autoselect group"


Use "Insert Conditional" to get the If statement in the action.

Toggle-ahoy!

I tried this and the Auto-select layer or group action works fine, but the conditional will only change from a group to a layer, unless you have multiple layers selected then it will switch from a layer to a group.  Don't know if its a bug or if that's the way "Current layer is a layer group" works.  It also doesn't matter if the layer is in a group or not only that you have multiple layers selected.