After playing around trying to get the spare tire down with out a key on my 2002 f-150 thought i would try something new. Took a 14 mm socket, split it down the middle, drove it on to the lock with a 24" 3/8" extension and let the tire down very easily. The proceeded to take the winch off and hammer the lock out. Re-installed the winch, hooked the winch back up, winched it up with just the jack handle.

 

probably didn't need to remove the whole spare tire winch...( well I didn't anyway).

I got it pried off with a firmly attached vice grip and a pry bar.

I agree that spare tire "key" is not the most helpful thing.

 

My spare tire winch was rusted solid. The new one I purchased directly from Ford does not have a key. Insert jack handle and go. I guess Ford decided the key was indeed not the most helpful thing.