It's really easy. You will NOT be able to drill the pin. It's hardened steel and
floats free in the hole.
 Take a big screwdriver and pry off the outer collar of the cylinder, the part with
the "wings". Tap the screwdriver firmly into the key slot and force it to the "Run"
position, depress the pin and remove the cylinder. This will destroy the cylinder but
won't hurt the column.
 If the screwdriver doesn't have wrench flats near the handle (Snap-On, Mac, etc) you
may have to clamp vise grips around the shaft to turn it. Push inward on the
screwdriver while turning to keep it from camming out of the slot.
 There is a tool to do just this called a "Ford Bypass Tool" but the last time I
looked for it I couldn't locate one. They are only available to locksmiths, repo
companies, law enforcement, etc.