Highlight and immediately speak selected text in one click - Text To Speech on Mac
Here is an item that you can put in your Karabiner private.xml file to make Option-Escape highlight the current paragraph (under your mouse cursor) and being reading it.

I also implemented the command for stopping it as you requested (Command-Shift-S) though I don't believe there's a way to go back two seconds and start reading again.

&lt;item&gt;
    &lt;identifier&gt;private.tripleclick&lt;/identifier&gt;
    &lt;name&gt;Option-Escape to Triple-Click and Text-to-Speech&lt;/name&gt;
    &lt;autogen&gt;
        __KeyToKey__
        KeyCode::ESCAPE, ModifierFlag::OPTION_L,

        @begin
        PointingButton::LEFT, PointingButton::LEFT, PointingButton::LEFT,
        KeyCode::ESCAPE, ModifierFlag::OPTION_L
        @end
    &lt;/autogen&gt;
&lt;/item&gt;
&lt;item&gt;
    &lt;identifier&gt;private.stoptts&lt;/identifier&gt;
    &lt;name&gt;Command-Shift-S stops Text-to-Speech&lt;/name&gt;
    &lt;autogen&gt;
        __KeyToKey__
        KeyCode::S, ModifierFlag::COMMAND_L, ModifierFlag::SHIFT_L,
        KeyCode::ESCAPE, ModifierFlag::OPTION_L
    &lt;/autogen&gt;
&lt;/item&gt;