I would think any momentary, normally open(off), switch would be fine. A switch that becomes closed(on) when pushed.
Not much data on the switch you linked to. SPDT suggests it can be “Normally open” or “Normally closed”. So should work as long as it can work as a normally open switch.
Not sure if you could use the illumination ring, depends on the power demands of the switch’s illumination circuit. If illumination works at 5v and less than 500mA, the GPIO 5v could provide the power. Then the ring would illuminate when the VIM3 was on, and go off when the VIM3 was off.
Update, just checked the XPWR pads for function. I used tweezers to simulate the switch. As expected, a press turns on the VIM3. Once on, a quick press puts it to sleep, a long press brings up the power dialog box(Power off, Restart, Screenshot).
FYI I set my VIM3 to stay off when power is applied, as I assume it might be in a mobile environment.