I like the idea of having a key binding to toggle the execute bit, since I do this fairly often.
I've expanded the command slightly to allow two key bindings: one that toggles the execute bit for just the user, and another that toggles it for all (user, group, and other).
command! ToggleExecuteBit
\ : if system( expand( 'test -x %%c && echo "x"' ) ) == 'x'
\ | if %a == 'user' | chmod u-x | elseif %a == 'all' | chmod -x | endif
\ | else
\ | if %a == 'user' | chmod u+x | elseif %a == 'all' | chmod +x | endif
\ | endif
nnoremap <silent> <A-x> :ToggleExecuteBit 'user'<CR>
nnoremap <silent> <A-S-x> :ToggleExecuteBit 'all'<CR>