I always thought it would be best practice to have the power cut any time the rider separated from the bike. I'll contact an LSR guy I know who used to roadrace and ask him if he ever rode with a lanyard. You'd never feel a lanyard moving side-to-side but if the slack wasn't right I guess it'd be possible to accidentally cut power. FWIW I ride with an air vest (as do several others at my track) and the lanyard on that never interferes with anything.
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