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That about sums it up. The K menu should be a plasma container, as opposed to a plasmoid, so that it can hold other plasmoids as well as other contianers. The common case would be launchers I suppose. But then you could add more complicated launchers/plasmoids that are animated and interactive etc. There are many possibilities here I think. Customization would then be like customizing any other plasma workspace.

How does this affect speed? It is a critical component, so speed has to be considered.

If speed happens to be the issue with this, then maybe it wont have to replace The Kmenu, rather then it being a separate plasmoid.