Hey Brian,
yes, by rewiring the big red mushroom-shaped button to pin 23 (“estop”) and 25 (“ground”), the controller will behave exaclty as if you click on the red/yellow estop icon on the top right of the user display, which means, it will not only stop the stepper motors, but also the spindle and the router as well.
If I find the time, I plan to make a photo howto of the conversion procedure. At same time I plan to show how to place a big 120 mm fan into the top of the case, and to place the red button to an external position on the front of the machine.
What it will not do, is to cut the power to the controller. So if you need an emergency power off (which is not the same as emergency stop) as well, e.g. for cases of fire, I would additionally wire a different emergency button in the global power supply of the entire system. and place it next to the door. This way you could make the entire system powerless before using a fire extinguisher.
Which grub screws do you exaclty mean? A photo would surely help if someone is interested in trying this out. Or a link to the video. The “spindle drop” problem usually arises when converting from Z-16 to Z-20 slider with its steep ball screw. On the Z-16, the ball screw is not as steep, so a 2.2 kW spindle does usually not drop on Z-16.
The correct way to prevent spindle drop on poweroff, i.e. that stepper motors begin to move by gravity when their holding current is cut, is to replace the Z stepper motor by a stepper with integrated brake. That is a stepper whose axle is blocked permanently (the axle is braked) as long as its brake is powerless. To use the stepper, you need to apply 24 V DC to the brake so that it releases the axle. This prevents spindle drop on power cut. Onefinity offers this for the Elite/MASSO Series here, but this closed-loop stepper motor is not compatible with the buildbotics-derived Onefinity Controller of the Onefinity PRO/X-50/Original Series. For these you would either use an open-loop stepper motor with brake and need to create a circuit that implements:
Brake is fixed (brake release power is cut) at:
Alarm Signal active
Enable Signal inactive
Error in the power connection of the motor
Error in the power connection of the brake
…or you would first need to implement access to the internal axis control lines, in order to be able to attach an external stepper driver for closed-loop steppers.
The word “forked” above is a link! If you click on it, you get the explanation 
It means that Onefinity one day took a copy of the Buildbotics CNC Controller firmware and also of the Buildbotics hardware design, which are both free and open, and started to modify it, to have their own version of it, that suits their CNC machines (available under onefinity-firmware and onefinity-pcb).
The original Buildbotics.com CNC Controller supports many CNC machines, stepper motors and spindles and accessories, and is available under a free and open license, so anyone can fork it.