Just as long as if you were backing it with a button. Raced 2 seasons of nostalgia pro-stock with that setup. The only issue we had, was the wires breaking at the back of the normal button, on the steering wheel.
I've thought about just using a toggle switch like that. The kicker is, i have only used the brake 2 times in the two years I've have it. It just happened to be in a transmission that I got from pittsburghracer.