It just ignores all of the selected objects behavior controls. So you can't move your object while you do it's on. :3c
If you want all other keys you've made to be ignored, it would require some variable work. Heres it in Pseudocode.
If (Z is pushed & Global('controls') < 1) {
Do stuff.
}
If you pushed Z while the Global('controls') variable is equal to 0, it will do whatever is bound to it. If it is equal to 1, it will ignore the button because it doesn't meet all the requirements.
Hope I've helped.