I've never seen anything with this feature. Probably because it's tough to deal with start menu. I think it's one of those "name space" things that's a pita to program.
Thing is if you use something frequently, you do something to make it accessible like pin to taskbar or put it on RocketDock or something. It's the stuff you seldom use that's a pain. I never use Start Menu unless I use the program so infrequently that it's not worth putting a shortcut someplace else. In fact most of the time I'm looking through there it's to see if an app that has no entry in the Uninstall List might haved an Uninstall shortcut.
I like the alphabetical scroll down list in that it doesn't cover the desktop, but there should be some provision to easily go near the last group you opened, or the last dozen even.