Thanks for your helpful comments, Ronny, Wayne and Tony. I guess I'll give Live View a try, once I get an Mk III body. About a year ago I tried that function with an Mk II body a friend lent me but wasn't completely convinced. but I was shooting landscapes only. I can imagine, that it's a great advantage for macros.
Ronny, I used the custom function on my 5D with mirror lockup activated and that does work. I found it odd though, that once the shot was taken and the power went down, each powering up brought back that same aperture (in this case 4) as when I programmed the custom function. The aperture itself is a programmed custom function (along with MLU).
I wonder if a mechanical MLU function would make sense, but without Live View, to reduce battery drain. Maybe I've still got too many fond memories of my old F2 - got to get those out of my mind.