I thought you might be able to do this by cloning a normal chest, changing it's bitmaps a bit, not allowing it store anything, and call it a locked chest. This does result in an object that looks and acts like a locked chest, i.e, no inventory screen opens. Using ACTION_COMBINE, I then combined the locked chest with the key and created a normal chest in the character's hand on the combine event (or equivalently creating some other unique object in the hand and doing a global swap). All of this works, but it's not quite what I was looking for

Doing it this way puts an empty chest in the character's hand. I'd like the chest to contain both some valuables (which is why it's locked of course

So far, I haven't been able to come up with a way to do this.
Any suggestions would be appreciated.