Nice solution to an age old concern.
I admit to once making the dreaded error on a lathe. I inadvertently hit the on switch with my elbow with the key still in the chuck, it simply fell out within the first quarter turn and hit the floor. I am not saying leaving the key in the machine is in any way safe, it could have been much worse, say if the key didn't fall out it would have collided with the bed and bent and possibly caused damage to the chuck, gears or bearings. Or worse, if a body part was between the key and bed... Just saying, the key didn't fly out of the chuck with great force, as I once feared it would. That being said, I think I will add the safety disconnect feature to my machines.