Amadeus -
While I sortof understand where you're coming from with the foot switch idea, you've probaby gathered from most of the replies received so far that when things go tango-uniform it happens quuickly ! In my experience, woodturning safety issues fall into 3 distinct areas: firstly the workpiece leaving the lathe (for reasons various). Secondly, the dreaded 'catch' (see Richard Raffan's excellent YouTube clips on catches) and lastly the one that I'm getting the feeling concerns you most - getting fingers, hands etc draggged into a spinning workpiece.
You'll soon learn that you don't stand in a fixed position to woodturn. As you gain experience, you'll come to realise that stance plays a HUGE part in woodturning - your body position and foot placement directly impact upon the quality of the cut achieved. You will learn how to start a cut with your weight on one leg, start the cut, move into balance and then transfer your weight to the other foot - I don't think you'll have time to think about operating a foot-operated stop switch.
Other replies have summed up most of the sensible precautions (some of which I'll repeat) and add some others not mentioned: DON'T wear a garment with sleeves that go below the elbow. If you need to wear gloves for roughing out (flying bark really hurts), wear a fingerless working glove on the hand manipulating the tool on the rest (and only for the time needed). If you wear a hoody, cut off or remove the hood draw cord and roll the sleeves up above the elbows. When sanding inside deep hollow-forms use a split-dowel to hold the abrasive - do NOT stick your fingers inside a hollow-form with a narrow neck.
I've saved what I condsider to be the worst sin till last - when applying finish, do NOT wrap any cloth around the hand applying the finish. If you use a cloth, form a pad - alternatively, use kitchen towel.
Another one that (literally) catches out a lot of newbie turners is forgetting to remove the tailstock centre from the tailstock when hollowing bowls etc. If you don't, you'll soon develop the habit after you have a tailstock centre stab you in the elbow as you lean over the bed to swing the tool round in an arc ! Ideally, you should remove the tailstock from the bed but in the case of the ML8 that's a bit of a faff ...