ABSOLUTELY.
For me that's:
⇧⌃⌥⌘K
It's a keyboard shortcut I won't ever hit by accident – is mnemonic – and is quick to access.
I also use the Iconaholic Loud Status Menu Icon, so it's UNMISTAKABLE that Keyboard Maestro is running.
At least once this combination has saved me from doing major damage to my system.
I had been editing an often used macro and was interrupted several times that day.
When I got back to my computer I reflexively hit the keyboard shortcut for the macro (which normally was benign).
It was really one of those “OH, CRAP!” moments when I saw the Keyboard Maestro status menu blinking at me and slammed the panic button.
If I hadn't quickly caught-on to the problem it I would have wiped out my entire $HOME folder.
Normally I have checks that prevent untoward things like that from happening.
Normally I would have disabled that macro before leaving the computer.
But it was one of those days, and the panic button really saved my bacon.
-Chris