Do you level security faster without it since it fortifies security by 40 points?
Interesting question. Because unlike most skill enhancements, it is added as an "ability" and not a "fortification". That means that your skill increases as though it really was 40 points higher. And the higher the skill the more experience you need to increase it.
With normal fortifications the skill increases at it's natural level and not the enhanced level.
So A trick you can use with the skeleton key is to raise tumblers until the lockpick skill bar almost fills up (just before the level increase). Then drop the skeleton key (in a chest or somewhere you can find it again of course). Then depending on the skill levels the next two tumblers you will give you two back to back skill increases.
Note also that the skill is based on how many tumblers you raise, not how many locks you pick. So for example with a hard lock you can raise 3 of the 4 tumblers then exit and repeat. So that way you can practice on just one lock for quite a while.