I wrote this AutoHotkey script to be able to use the mouse wheel for zooming, and middle click for panning in Ableton Live. In addition, if you press F1, it opens the browser.
It’s amazing, that these functions have not been implemented in Live yet.

The zip contains the script source file, you need AutoHotkey to compile or run it (it’s easy). Don’t forget to edit Live’s path in the 5th line of the script!