You can override becomeFirstResponder: and in your implementation call setKeyEquivalent:. If you want to remove the key equivalent when the button loses first responder status, override resignFirstResponder:.
Do this in the control whose first-responder status you want to affect the button's equivalent. For example, if you have a view as a container and it can become first responder, you'd override -becomeFirstResponder: (calling super) then manage the button's equivalent there. If you don't yet understand these topics, you have a lot of prerequisite reading to do because a simple answer isn't possible here.