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I didn't find the hole either when I was trouble-shooting a key switch problem. I finally just removed it to inspect it and still didn't find the hole that you are instructed to find and place a drill bit in to keep the switch in place. I also guessed that a new replacement switch would be keyed in the off position so I just went ahead.
Upon cleanining with an electrical lubricant and inspection, I came to the conclusion that the switch was in good working order. However, I did find that I had too much slop (play) in the key tumbler/rod assembly that pushes on this switch. The switch is spring loaded so it defaults in the ACCESSORY position.
In my case, I was able to remount the switch, adjust the switch so that the (weak) switch/rod would make up the first set of contacts in the RUN position... then I wired in a manual start button switch and mounted it under the below the steering column. I guess I was too chicken replace the steering column or take this one completely apart. Anyway that's my experience. The hole in the ignition switch just wasn't an issue.
Dwayne - Titusville FL
1990 F250 7.3L / 107,000 MILES