If you have no ignition key at all, you do need to drill out the lock pin holding the cylinder in the column. You might be money ahead to have a mobile locksmith rekey the lock if he can.
I haven't had a lock on a car rekeyed but have taken a new ignition lock to a locksmith for a rekey and it was about 15 bucks (with a couple of extra keys) IIRC.
I'd call the locksmiths and weigh this option vs busting your old lock and buying a new one (which will need a rekey if you want to only have one key for the car).
I've been in this situation before on a friend's 89 notch that he had recently bought. Owner had lost the keys and the wheels were turned sideways which made it crazy to winch the trailer but that's another story.
I've ended up having to drill the lock cylinder. You want an EXCELLENT drill and bit for this task - those suckers are some kinda stout.
After the cylinder was drilled I stuck a large flathead screwdriver in and forced the cylinder to turn.
It was a pain in the butt and took at least an hour. Me and him still joke about that day.
You for sure want to ask what it will cost to have a locksmith turn it for you before you attempt to drill it.
P.S. Yes you have to be able to turn the key to get the cylinder out - umm... before we drilled we tried to flatten the pin that holds the cylinder in when the key is in the off position... no go.
I dont have a problem drilling it out, i can get a replacement for $15... Am i just drilling thru where the key goes.... also do you have an idea as to what size drill bit i need to use???