The tool you are looking for is 'xrandr'. Running xrandr without parameters gives you the list of known outputs, attached devices, available resolutions (including preferred ones and used ones).
For example, to deactivate an output, run
xrandr --output NAME-OF-OUTPUT --off
To set an output to on and its preferred resolution, run
xrandr --output NAME-OF-OUTPUT --auto
Or to a specific, supported resolution
xrandr --output NAME-OF-OUTPUT --mode 1024x768
There are many more options, just look into the man pages. Collect your xrandr commands in shell scripts and configure your system to execute those scripts upon hotkey press.