Is there any way to use in-line switch for mute?

I often use my iPhone to talk on conference calls, during which I regularly use my Apple headphones as a hands-free device.

During these conference calls I normally have the phone muted to cut down on background noise, but I'm often having to switch the phone on and off of mute to answer questions and make comments.

However, since I'm using a hands-free device, the screen often times-out and goes blank so I have to wake the device up, put in my fingerprint (or even worse, code), and then find the mute button to turn mute off. This often takes so long that my colleagues start asking me if I'm on mute.

So, is there any way I can re-configure the in-line button normally used to hang-up the phone on the headphones to act instead as a "mute/unumte" button?

I realize that I can adjust the time-out period for the screen, but let's be honest, that's a hack and really doesn't fix the problem.

I mute/unmute multiple times a call, but I only hang-up once, so it makes sense to be able to re-configure the in-line button as a mute/unmute button.

Personally, this is such a pain point for me that I'd gladly shell out money to make this happen if it's not possible today.