I use a private SSH key and passwordless entry for a number of user accounts on a server that hosts a number of websites.
I use the same private key for each user accoun
This is secure so long as you don't share you private key. Just place the public key in the remote machine's ~/.ssh/authorized_keys file for passwordless entry. Don't share the private key though.
The keys are just for authentication. You can log on as many times as you wish with the same key, so long as you can log on with that private key once.