Hi krousdb,
I tried the "stop and go" vs. "stop, restart and go" you mentioned (out of curiosity, after xcel talked about it at the WI/IL hybrid event this weekend)... but I found no significant difference in the first 5-minute bar. See my results here:
http://www.greenhybrid.com/share/br...&imageuser=1607
Here is my full method:
1. Drive 15-20 minutes to make sure ICE is completely warm.
2. Stop and put in park (do not power off).
3. Wait until next 5-minute bar appears (this was ~2 minutes).
4. Drive a 10 minute loop. (See last 2 bars in first image. First bar of those is ~75 MPG.)
5. Stop, put in park, and this time power off. Wait ~2 minutes.
6. Power on, drive the exact same 10 minute loop (see second image - again, first bar is ~75 MPG).
So... what gives?

Your post made it seem as though the first bar after the full power off would take a large hit (perhaps be below 50). Now I'm curious how much of a mileage hit it was for you and what method you used.
In terms of being able to do it (whether it is really needed or not), I have a 2005 with no smart key, and here's what I found:
- The fob is locked in the ignition for as long as the Prius is in any state except off.
- Using the backup fob I got from the dealer when I bought it, the Prius refused to lock from outside (when it was still in "ready" mode).
- Using the mechanical key, the Prius would lock from outside, and remain in "ready" mode (as accwai describes below).