Quoting:
I’m not saying abandon your idea, but will suggest developing a habit that will make it redundant while serving 2 important purposes. That is turning the chuck by hand every time after you set up a work piece in the chuck or alter its set up. First purpose is to verify that there is no interference between the chuck or the work piece and the lathe bed, carriage, cross slide, compound or whatever before you hit the go button. Second, if you leave the chuck key/wrench/t-shaped thingy/whatever you want to call it in the chuck, you will notice it immediately when you jam your hand into it when you reach in to turn the chuck.
A good practice there, for several practical reasons
.... Way back when I was in EM (electrician, 1968) school, there was a practice in the mechanical school where machining was taught. If a student was seen leaving a key in the chuck, lathe, drill press, whatever, he had to wear a very large (and
heavy) lathe chuck key on a lanyard for 24 hours. That cured most of the memory problems. Especially during meals
....
In my case, having several chucks of varying types and sizes, the same quote from above applies. When the chuck near misses one time, it usually is enough. My machine is very old (older 'n me) and has few safeties beyond what I have put on it. The big issue is an odd shaped workpiece loaded. I always try it by hand first, by habit now.
The key is a good idea for locking out any/all machines, long term. But I would be skeptical of such a weight on the key. The switch wouldn't last long, even if the key did.
Bill Hudson