Why not use Chrome profiles (aka "users")? That little icon in the very upper left...
Configure one to be your "dev" profile (with no caching). You can enable a cache-killing plugin like this. You can disable cookies too. When it's time for a dev session, use that profile. Then when it's time to chill simply switch the profile back. All profiles can be run simultaneously.
This is also SUPER handy for testing purposes.
Assigning shortcuts and keyboard shortcuts to switch back-and-forth is icing on the cake.
Now if you really want to be slick you could have multiple user profiles for different projects/environments all at once (i.e., one for JS, one for server-side, etc... multiple monitors a must). Better use the superuser icon if this is you. ;-)