I lean more toward just removing the lock parts and leaving the hole where it is. Sure, if you've got it buried in sand and grit, it might be an avenue for stuff to get in the action. But probably not. All the keys/locks are the same. One fits all, just like handcuffs.
I had a buddy who got divorced about 20 someodd years ago. They had a cherry old cutlass that was just beautiful, and a Yugo (we called it a you-went). Anyway, the girl took the Olds, and left him with the rollerskate. At the time he was driving 40 miles each way to work so it seemed fair. But then he realized he'd been a good guy and gave her all the keys to her car, but she didn't bother giving him her extra for his car. She just was snotty and said she lost it. So keys are only a buck or so to get copied. He stopped at a place that made keys and tried to get another. The guy looked at it and told him it was a dealer item. So he tried the Sears store and they told him the same thing.
So he stopped at the Yugo dealer (I've never seen one) and went to parts. He asked them if they cut keys, as he needed a spare. The parts guy asked what year his was, and he said, I think, 1987. The guy turned around and on his pegboard he had a wire sticking out full of keys, one for each year. He took a 1987 key and compared it to the one my friend had, then charged him a dollar. When my friend started sputtering and questioned the idea they were all the same, the guy just got a disgusted look and asked him if he'd steal another one. Apparently the demand for 2nd Yugos is low. When his stopped running, he left it in the farm yard, where it rusts to this day.
Not sure why anyone would want a Yugo. I do understand why we want a S&W with the lock feature. We just don't want it on our gun. The only time I've ever read about them locking is when they shouldn't. Maybe the better ranges should get a steel fishing leader and nail it to a nearby pole or post. Then attach a S&W key. Free for anyone to use, just don't steal it.