Great minds think alike! This is what I am planning to do for my '99 CL500 as well, since I only have one remote key for it. I have one other key, and it's not like the valet keys used to be with the oval key head, but has a very tiny black plastic head on it which looks too small to hold one of the chips that is inside of the remote, so there must be a different style chip that's integrated in those keys. But I am sure that too can be cut out and glued into a remote...
--Zax
--Zax