The VCL is designed to give menu item shortcuts precedence. You can, however, write your item click handler (or action execute handler) to do some special handling when ActiveControl is TCustomEdit (call Undo, etc.)
Edit: I understand you don't like handling all possible special cases in many places in your code (all menu item or action handlers). I'm afraid I can't give you a completely satisfactory answer but perhaps this will help you find a bit more generic solution. Try the following OnShortCut event handler on your form:
procedure TMyForm.FormShortCut(var Msg: TWMKey; var Handled: Boolean);
var
Message: TMessage absolute Msg;
Shift: TShiftState;
begin
Handled := False;
if ActiveControl is TCustomEdit then
begin
Shift := KeyDataToShiftState(Msg.KeyData);
// add more cases if needed
Handled := (Shift = [ssCtrl]) and (Msg.CharCode in [Ord('C'), Ord('X'), Ord('V'), Ord('Z')]);
if Handled then
TCustomEdit(ActiveControl).DefaultHandler(Message);
end
else if ActiveControl is ... then ... // add more cases as needed
end;
You could also override IsShortCut method in a similar way and derive your project's forms from this new TCustomForm descendant.