I came up with a way to use the hardware keys to make services (a.k.a. scripts) run. It was rumored that these options were already built into Froyo and/or used in Cyanogen Mod, neither being true. This is just one of those ideas I wake up with in my head. After playing with it a few minutes it worked flawlessly.
To add these options to your boot.img add the following lines to your preferred init script inside the ramdisk before compiling.
#shutdown options by pete
service poweroff /system/bin/shutdown
keycodes 107 211
service reboot /system/bin/shutdown -r
keycodes 107 114
service recovery /system/bin/shutdown -rr
keycodes 107 115
Obviously you can make these do different things other than shutdown. You can even choose different keys to make them run (hint: those keycodes are for droid).
As always please be respectful and atleast put idea by Pete or some sort of credit to make me feel happy if you use it.