I guess it would work but I don't want the thing getting turned on all the time by random button presses from people... and by people I mean my 2-year-old daughter who presses every button she sees.

Also, I like the simple one button on/off setup...
Anyway, this is how I did it (from my project announcement thread):
These shots are from the underside of the long CP. The red button is the power on and power off switch. One press turns everything on and one more press turns everything off (thank god for the smart strip!).
It was pretty easy to install - I used a 1-1/4" forstner bit to drill a hole about 1/2 way into the bottom panel (from the inside/top) and then using the center mark left by the bit, I just drilled a hole all the way through for the shaft of the button (note the tear out

- I'll touch it up later). The reason for the "two-step" drilling of the hole is so I could get my fingers around the shaft of the button to turn the nut that secures the button in place. It also made wiring it up a little easier.
You can't see it at all where it is located and no one will even know it is there unless I tell them. Also, the button is quite tough to press so I'm not worried about an accidental press by someone's knee during play...
