A system for performing a downhole operation including a tubular string having a locking profile non-movably located therewith. At least one member is movably mounted with the string and includes an engagement profile. A tool is runnable with the string and has at least one sub with a key. The key is selectively engagable and disengagable with the engagement profile for enabling the tool to control movement of the member with respect to the string when engaged therewith. The key is engagable with the locking profile for restricting relative movement between the string and the tool when engaged therewith. A method of performing a downhole operation is also included.