I bought a magnetic switch for my table saw as it pops the breaker on occasion. It was pretty inexpensive (like $15) and has the advantage mentioned above - a nice big plate to hit to turn it off. On is small and has to be held for a second or two so it practically can't be turned on accidently.
A hold-in time-lock on the on. Interesting. I kind of like that idea.
With the mechanical switch that came with my PM66, pressing Off will make the On button pop out, and vice versa. However, if you press both at the same time, both buttons will end up see-sawing to half in, which is still Off (it is only on, when On is fully depressed).
I screwed a hinge to the top of the switch box and welded together a metal frame onto this, which has a lexan window attached to form the "paddle".
The lexan has a rectangular hole cut out for just the On button. You must reach your finger through the hole to turn it on. Push anywhere else (or use something larger than a finger), and the paddle presses the Off button.
I still wish I had the best of both worlds and it was a magnetic switch, but since I can kill the power without thought and without diverting my eyes or full attention from the blade as easily as I can find the clutch pedal in a car, I'm ok with it as it is.
However, if I had to make a conscious effort to pinpoint the Off button, even if no more than reaching for a radio pre-set on the car, I could easily see that leading to **** pucker moments as the OP experienced.
Matt_i, please bore me with the details. You've got my mental gears spinning. I already have all the tools in the shop on two tool-specific breakers in the panel. One 120V, and one 240V (there is only one of me, so I don't need more than one circuit at a time for tools; the compressor and dust collection are on separate circuits that don't need an EPO). I could control both with a 120V coil 3-phase contactor of sufficient current rating, and have an EPO on the cheap.