question about keys

When I bought my truck (like 18 months ago) the guy only had one key, and I haven't bothered to get it copied yet, but I think I'm going to finally do that before I lose it, but I was kind of curious about the keys and making it thinner. I don't know much about how the car keys work because they have a chip in them or something right? is the chip in (2005 2nd gen if they're different) the black plastic part or is it something so small that it's actually on the key part? I assume I'll have to either go to toyota to get a blank (or find one online like this http://www.amazon.com/TRANSPONDER-MULTIPLE-VEHICLES-Chip-4D-67/dp/B008AOPJF4 ?) but would it be possible to cut the bulky plastic piece off and attach it to something else? The reason I ask is because I'd really like to be able to attach it to a flip key fob (like this

$4 HQRP Folding Flip Key FOB Shell Remote Case w/ 2 Buttons Compatible with Peugeot 107 207 307 308 407 408, Citroen C2 C3 C4 C5 C6 C8

http://www.amazon.com/HQRP-Folding-Buttons-compatible-Peugeot/dp/B005KQ5HS4) and just take the circuitry out of my existing fob and place is in that one and reroute/solder those buttons. I've had this idea since I bought the truck but haven't done it yet but a new project on kickstarter (http://www.kickstarter.com/projects/1912797983/orbitkey-love-your-keys?ref=live) had my thinking I could do that and make it the outside piece and then just attach my work keys, a thin flashdrive (maybe even just an SD card since they're so thin) and a few other things from a multitool to make the ultimate key fob. But the main question is, could I cut off the key at the base of the plastic and attach it to a flip key fob? or would I need to buy a flip key fob specifically for the tacoma?

 

I'm also interested in seeing if there's a way we can change our keys and remote to a single key fob. I'm subbed to another thread about it, but there hasn't been any new info on it.

 

I don't have a chip in my 07 base model 4 banger so I just went to ace hardware and got one cut.

 

I found out that it was an option, and that if it is electronic, the piece is inter plastic but easily moved onto something else/doesn't have to be attached