Is there a keystroke shortcut to Group and Outline in Excel?

Do you mean a range of cells or a group of shapes?

To outline a range of cells, rightmouse, Format Cells, and set a Border. To group a range of cells, Insert, Name, Define, and assign a group name.

To group a set of shapes, CTRL / select all shapes required, then rightmouse, Grouping, Group.
The only method I know of to outline a group of shapes is to draw a square shape of correct size, set Transparency to 100%, Send to Back, and select it with the other shapes to Group.

Does this help?

oh, the answer to your original question was 'no'

--

Is this what you're looking for?:

Select entire Rows or Columns to be grouped
Then
Hold down the [Shift] and [Alt] keys and press either:
Right Arrow to demote the row/column
or
Left Arrow to promote the row/column

Does that help?

Regards,
Ron