It depends I think on what your macros are going to do. A couple of thoughts:
i) How would you store the passwords? Storing them in plain text on your machine in a single place doesn't seem ideal.
ii) If the macro is effectively using the typing interface (not sure the correct term) then the keylogger could pick that up. If it is somehow using an interface at a lowe level than the the one the keylogger is listening to then perhaps.
I think better to just protect your PC than worry too much about bypassing something that might never get on it.