While it's always great to examine all alternatives, simple is better, so I vote for the "push-on, push-off" switch.
Just for the sake of learning, however...
I would like to point out that the published Schmidt Trigger inverter circuit has a potentially problematic characteristic, depending on the OP's system. Such a circuit will wake up in an indeterminate state when power is first applied. With discrete logic circuits, a POR (power-on reset) circuit, usually in the form of an RC differentiator, is used to apply a momentary pulse to a logic gate input in order to ensure this doesn't happen.
An enhanced version of your circuit can be made using a 74LS132 chip, which is a quad 2-input NOR gate with Schmitt trigger inputs. The extra input gives you the flexibility to add a POR differentiator. If interest is there, I will post a circuit, but I don't have time right this second.
In any case, have fun with your project!
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