You can do that. I made my own loop. Just splice into to hot to the factory kill and made a loop. Mine looks just like the pic. I bought the plug at Radio shack for $2. Then hook a cord to the loop and when you pull it will kill the bike until you put the plug back in.
Just a warning, the MPS, as is, will break on you if you plan on using it a lot. The one time I needed it, the loop broke, leaving the connector attached. It has broken a number of times, then I upgraded it using heavier gauge wire, and better connectors. Of course, it kept slipping loose when I was on the road, so I modified the connector to keep the connection tight enough not to fall off, but loose enough to be useful. Worked great till one connector broke.
It has been bypassed ever since.
If you only plan on racing, it should be fine. But installing it and using it for daily riding will pose a number of very annoying problems.