I personally found it very difficult to find a detailed and clear guide on how to set-up mousekeys properly, so, now that i have learnt i thought i should share it with everyone.
Please note, that all the information used was from my own personal skills, you may be faster/slower at dropping items, so take that into consideration.
Remember, mousekeys are also useful with other skills, such as powerfishing,powerwoodcutting etc, not just mining.