The Mag-Lok looks more like a "trem stability" product, not really a way to hardtail the guitar. I have a Tremol-no on my #1, and I love it. I prefer the ergonomics of the trem-equipped PRS guitars (the neck is not as angled from the body as on the stoptail-equipped guitars) but I don't use the trem and want to be able to remain in tune after breaking a string, so I locked mine down tight. It doesn't affect the cover plate at all. It does, however, require a couple of things:
1. You need the "large clamp" version of the Tremol-no, and you will notice upon installation that the clamp appears to partially obscure the string holes on the trem block when you put it on. Don't worry about this. As long as you situate the clamp so that it sits at equal distance between the two holes, you'll have no trouble getting the ball ends of the strings in and out.
2. You will have to move one of the springs. Right now you have five places to anchor a spring, and probably only four of them are used. The center slot is empty. But the Tremol-no actually goes in the fourth slot, right next to the center. You'll have to move that spring over and it's not easy. You have to be VERY patient to work that spring out, because it's very tightly fitted into that trem block. You might not be able to accomplish it without bending the spring out of shape, so
having a spare handy would be ideal. I not only bent the spring, but I put a nick in the finish in the back of the guitar and scratched the trem block up a bit because I was impatient. So be patient and just keep working at it. The tremol-no is a pain in the ass to install, but once it's in, it's awesome.