Is there a quicker way to turn on WiFi Hotspot? is there a way to automate (or at least reduce the number of steps) to turn on or turn off the WiFi hotspot on my Galaxy 3.

I have to 


unlock 
press the menu button 
press settings
press More Settings
Tethering and portable hotspot
Slide portable hotspot on.
I can only recommend CyanogenMod, or, if you want to keep your ROM: HotSpot Widget.

CyanogenMod allows you to create a HotSpot Quick Setting Tile.

The widget is placed on your home screen and if you want to enable/disable the hotspot tap it.