It can be done. You would use the primary switch to active a VB macro to slow the feedrate then allow the secondary switch to act as the home limit. BUT there may be some quirks to work out
This is the best approach as you do NOT want to suck the spindle up into the quill and have it bottom out, Bad things can happen(;-) AND Yes I own one(;-)
Let me know IF you need help, (;-) TP