Help with CNC - Emergency stop with manual reset

[unicorn13]

Hi All,

I have attached a schematic for a flip-flop based latching Estop circuit that I found  for a CNC project, and have a few questions.

Requirements:-

Voltages involved will only be 0v and +5v, visual indication of being STOPPED and RESET(Machine Running) at moment if I have read the schematic right only indicator for stopped, and to provide 1 output logic High and 1 Output Logic Low (interface to parallel port).

My questions:-

1. Is attached circuit best way?
2. Can 2nd Indicator be added?
3. How reliable would this be over a chip based circuit.
4. If chip based was best are there any examples that meet the needs listed.
5. Must have low components count, as I am restricted on space on the parallel port card PCB.

Thanks in advance, for your input.

Andrew