[32phil]

32 to 35 locking hubcaps rarely have key codes. Probably only 5% of the locks I have seen have a code. The other 95% do not have a code ANYWHERE. Not even on the cylinder body.
Early 32 cylinders are slightly different from the common 32-35 cylinders

nelsb01
The 3 locking pins are indeed spring loaded. They may be tough to compress because they are corroded or lack lubrication.

Drilling the lock cylinder out is not uncommon mainly because folks are unfamiliar with how they work in conjunction with the tire mount.
The lock cylinders themselves are not rare. Finding one with a key is a different story. Soooo drilling/killing the cylinder is usually a simple solution.
A good used cylinder with keys can run from $40 to $100.
Steve in Denver
Call me and I'll tell you a trade secret on how to get it off the tire.
Way too much to type for this old man!
Phil 845 551 5132