On the official SOCOM website today they posted that Patch 1.5 is still in Quality Assurance Testing. We reported back in February, they were working on this patch.

It was revealed, one of the features that has been added to this patch is the ability to assign which item (pistol, grenades, etc...) you want to assign as the quick swap . Pressing the quick swap button will swap between the primary weapon and the assigned item. The selection only needs to be assigned once per game and will persist for all rounds in the game. You can change quick swap assignment at any time from the in-game weapon selection menu (weapon wheel). It will default to the pistol until you change.

No release date has been posted when Patch 1.5 will be available