Security through obscurity doesn't work. All it takes is one person to know where the switch is, and word would spread fast. Key-switches can be opened easily, either by going for the wire, or a pick, they have "instant picks" for the barrel type locks, I have one, it works great for finding the right replacement key in under 30 seconds.The OP's plan can maintain security if the arm/disarm button location is unknown to unwelcome visitors.
I assume he's talking about a system that has the keypad inside the perimeter, and that it must be disarmed within 30-60 seconds of a breach. If the perp can't find the keypad-equivalent in that time, it's still somewhat secure.
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