My key was shot, so I ordered a blank shell off of Ebay for $8 (the dealer wanted $109..lol)....I'm assuming all I need to do is have it cut and switch the transponder into the new shell?

I don't know how you could program this key, as the only part of it that is sophisticated is the actual transponder remote, which I have intact.

I figured I'd just go get it cut and insert the transponder call it a day, but I'm reading elsewhere that it's not this easy?

 

What year is it, is it Smartkey? I know my dealer told me the key cutter is 20 some grand and they get em cut by Toyota and mailed to them.

 

04 LS....no smart key...the regular ubiquitous Lexus key fob...

 

Your procedure should be as easy as a battery change. Which I would do while you have it apart.