My huge recommendation is to put production instances in a completely seperate region than development and staging instances. I actually just discovered that you can limit IAM API keys to a specific region, you just need to create a custom policy. The following policy is an example:

    {
    "Version": "2012-10-17",
    "Statement": [
        {
            "Sid": "SOME-ID-HERE",
            "Effect": "Allow",
            "Action": [
                "ec2:*"
            ],
            "Condition": {
                "StringEquals": {
                    "ec2:Region": "us-west-2"
                }
            },
            "Resource": [
                "*"
            ]
        }
    ]
    }