What I did:


Created a new mapped key, called it "High Settings".
Gave it the hotkey Control + Shift + Period.
Right Click Actions > Keystroke Actions > Warcraft Macro Action.
Target: Window (Current).
Key Combination: Control + Shift + Period.
Display As (Checked): Control + Shift + Period (Settings Up).
Using this:
/console farclip 1250
/console groundEffectDensity 48
/console groundEffectDistance 260
/console environmentDetail 40
/console particleDensity 100
/console shadowMode 0
/console waterDetail 0
/console reflectionMode 0
/console sunShafts 0
/console basemip 1
/console terrainMipLevel 1
/console projectedTextures 0
/console weatherDensity 0
/console componentTextureLevel 1
/console textureFilteringMode 1


Created a new mapped key, called it "Low Settings".
Gave it the hotkey Control + Shift + Comma.
Right Click Actions > Keystroke Actions > Warcraft Macro Action.
Target: Window (Current).
Key Combination: Control + Shift + Comma.
Display As (Checked): Control + Shift + Comma (Settings Down).
Using this:
/console farclip 350
/console groundEffectDensity 0
/console groundEffectDistance 0
/console environmentDetail 0
/console particleDensity 10
/console shadowMode 0
/console waterDetail 0
/console reflectionMode 0
/console sunShafts 0
/console basemip 1
/console terrainMipLevel 1
/console projectedTextures 0
/console weatherDensity 0
/console componentTextureLevel 0
/console textureFilteringMode 0


Navigated to the mapped key(s), which are run when the window is switched, in my case JambaMaster.
I actually have multiple switch mapped keys, based on slot, but that isn't important as these still call on the JambaMaster mapped key.
Added:
a) Do Settings (High) in General Key Map > Target: Current Window.
b) Do Settings (Low) in General Key Map > Target: All Without Current.