I wrapped two Applescripts I found on Stackoverflow in an Alfred Workflow to easily set the shuffle and repeat modes for iTunes 11. This is my first workflow, so let me know if something doesn't work properly.
Usage
Repeat
repeat one
repeat all
repeat off
Shuffle
shuffle song
shuffle album
shuffle group
shuffle off
Credits
http://stackoverflow.com/questions/14674517/how-to-set-itunes-11-in-shuffle-or-repeat-mode-via-applescript
Thanks to regulus6633 for providing his scripts.
Download
Download here