You still have to know the keychain password which does not have be the same as the account password or you can have a second keychain with its own password.
jaybass's login and keychain passwords are apparently the same, so either alternative (I already mentioned a unique keychain password.) creates the need for another password that must be remembered.
I mean, yeah, you can create a situation in which you need a less secure password to access a more secure one, but that-all's self-defeating.
As far as I can see, jaybass is totally catch-22d if memory isn't a viable alternative.