I don't know about the shorcut, but you could use a batch file instead:
rem Go to the drive containing the batch file.
Thanks, but this will nest a new cmd.exe under the original cmd.exe, also can't customize the RGB value of the text, even though I can use "color" command to change color, but it only offer a handful of choices
Or replace "Target" in shortcut to:
C:\Windows\System32\cmd.exe /k "%CD%\misc\shell.bat && cd /d %CD%\src"
Thanks, "&& cd /d %CD%\src" did the trick.
Strange, I can put things like %windir%, %temp%, %userprofile%, etc in the "Start in" field and they all work, but not "%CD%"