Hot keys will swallow the keystroke, but will not be able to differentiate different keyboards.
USB Device Key triggers cannot swallow the keystroke (at the level they are implemented, they are not even keys yet).
Event Taps can process events and can swallow keys, but if you do swallow a keystroke and then optionally let it through later, you will get out of order key events which leads to all sorts of problems.
Karabiner may be able to remap the keys on the device to something unique that could then be used with hot keys, or remap them to keys that will be ignored (like F20).