Does key length require storage?

The current  protocol.txt says that the maximum lenght of a key is 250 
characters.

Is there any hashing done in the server to prevent storage of the key or 
is the entire key stored so that the server can rehash if necessary?

If so then its certainly not a problem. I'll probably just use SHA1 on 
my server and use that as my key.  I want to use our OR layer to 
generate keys which are actually SQL but storing arbitrary SQL strings 
as keys seems both a bit unsafe as well as a waste of memory considering 
how fast SHA1 is...

I was then going to Base64+filesafe encode the key and store that in the 
server....

Thoughts?

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