I like the factory setup, as well. Easy to find, too, since you can grab all of the parts from a junked vehicle without disturbing too much else. A toggle switch leaves room for error since you could leave it locked when coming to a stop. Then as you let off the brake in 1st gear you could have big problems. Besides, who wants to worry about flippin a flippin' switch all the time?
My next favorite setup would be with a 4th gear pressure switch and connection to the brake switch. This is much cheaper than buying the speed controller. You don't really need lockup in 3rd anyway unless you have really tall gears and you cruise the highway in 3rd.