I worked in a lock shop for many years and I can honestly tell you that when it comes to ignition replacement Ford made life easy for us. Keep in mind I quit there when they came out with their transponder keys.
Drilling out one of the Ford locks means getting past two small hardened roll pins in the face of the lock, and then you can drill just enough to get it to turn to the on position-this is how the locks are removed. Once in the on position they have a small steel pin that sticks out the bottom, and you can actually push up with a ice pick through a hole in the sterring coloumns shroud bottom hole and you will feelthe pin "give" and pull the lock straight out-slowly and carefully. Inserting the new cylinder is the same-have it turned to the on position and slide straight in slowly and firmly. When completely seated in the hole slowly turn it back towards you and pull out the key. You know have a new ignition replaced.
This key has ten cuts to it, thus the "ten cut" Ford key. If I remember correctly the last five cuts, and lock wafers, are for the door portion of the key lock-the first (from the tip) five are the ignition.
Almost Forgot------->get a 9" piece of coat hanger and wire your spare key up under your truck on a single key ring where nobody can see it, and DONT say where it is located at. I have had one under my truck for years and it has saved me $, and a lot of grief by being able to crawl under my truck for a spare key I never have to worry about not having in that urgent mokment of need.
The later keys that have the transponder in the head of the key costs buckoo bucks because this transponder is actually a small crystal radio with a very, very, tiny chip you can actually see in its glass vial. The item is in a small glass tube located in the head of the key. Look closely at the top of the key and you will see a small plastic square plug, this is wher ethe transponder is located at, and stuffed into the plastic head of the key.