Nice use of media player, I thought for a second I was watching my own website straitjacket video...
As for the effect, its hard to see much due to the old film technique, but in my opinion the key needs to turn slower, this effect for me isn't about the fact that the key turns, its how it turns. If it turns quickly people think you've just tilted your hand, but if you can make the key move ever so slowly people don't know quite what to make of it. Also I'd stop the key just before it reaches the top and then start it again, controlling it slowly all the way to the bottom.
So Flash's tip for the day is slow and stedy wins the race...
Nice patter in the titles as well, when this is vocalised by you to your spectators and then the key turns in your hand you should really creep them out.
edit} having just seen the second video, I'd say the speed is a bit better, but needs more control still on the down.