Let's say you have a list of several Action Groups under the Actions menu.
When you go to Actions > Actions > You can use the up/down arrow icons to select the order in which Actions shortcuts appear.
However, the Action shortcut order can only be changed if you actually execute an action.
The bug fix would involve you setting up the order you like, then simply clicking on Close [or maybe an additional Apply button?]
Instead right now in version 2.70: SELECTING an action, and having it unnecessarily execute is the only way to change the order in which that Action shortcut appears in the menu.