Can I toggle between remote and local by pressing a key?

You can do this by assigning a user function key Fn, F1, or F2* (within the KEY setup parameter).
* Depending on the model (UT75A, UT55A, UT52A, UT35A, UT32A)

Advanced Application UT75A

Temperature Controller with increased monitoring and operating capabilities

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Mid-level UT55A/UT52A

Increase monitoring and operating capabilities

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UP55A

Program controller with 30 patterns, simultaneous monitoring, and ladder sequence function

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UT35A/UT32A

Increase monitoring and operating capabilities

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Advanced Application UT75A

Mid-level UT55A/UT52A

UP55A

UT35A/UT32A