I'd like to assign a frequently used string to a shortcut key, so when I press it, it types it in whatever application I'm in. So for example, when I type Shift-F12, it types "This is wonderful!" in whatever Gnome app I'm in at that time.
I found the answer -
You can install autokey with with synaptic package manager, for either KDE or Gnome.
I'm a long time Ubuntu user, and I'm kicking myself for missing out on this awesome little app until now.