I've had a few vises that came with square keys on the bottom very aligning a vise quickly to a t-slot. Generally I take them off and store them away (lose them) and never think about them again.
Keys have a few problems. The first is those on the vises I can afford are never perfectly parallel to the jaws and the t-slots. They need to be taken off, machined, and then put back on. The other is they almost never line up with the best t-slot for best use of the vise. On vises with bolt slot hold downs I guess its no big deal, but I actually prefer vises with a slot in the side that require a hold down clamp. I've even machined my own slots in vises to make mounting them easier and more flexible. (on some knee mills you can move the head to best position for the vise, but...) T
All of that being said I have an application where keying might be useful. My personal standard setup for the Tormach mill is a pair of 6 inch wide grinding (screwless) vises with the jaws machined away (machined in place) to maximize the use of the work 9.5 inch Y axis work envelope. I recently took them off to mount that monolithic piece of aluminum for the college race team guy's gear box, and now I need to put them back on. I've got a big piece of 4140GT TGP that I use as a straight gage when pairing vises. It usually gets me within .001 across its length. Then I can tap in the rest of the way, but for most of my work within .001 over the 18" X envelope of the machine is plenty good enough. Its not as good as the machine is capable of, but its not far off. Nobody notices if the top of two plates are a thousand off from each other with the slight chamfer from de-burring. I can always chase decimal places if necessary by other methods.
Anyway, I was thinking about keying those vises specifically for that machine before I put them back on. That way I won't be so reticent to remove them when a project could benefit from their dismissal. I can drill, ream, and press in pins very quickly. It will be a bit of a time suck to slot the bottom, tap that modestly hard steel, and then machine up some square keys.
Is there a reason pins would be a bad idea? Hold down force is against the flat of the table, not the side of the pin. I have plenty of pins on hand, and the diameter tolerance is quite good. The length tends to be 10 thou over, but the diameter is usually 0.000 - +.0002. Far better than I can position the holes. I figure I would pull them gently against the side of the t-slot, lightly clamp down the vises, and then bump them as needed for position. I'm not even against taking a light cut along the steps I machined in the jaws if necessary after the vises are tightened down.