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im not a mechanic or an authority on this subject by any means but I think the only way to do it is through the dealer and it is quite costly---ive heard some horror stories----good luck
You can get your key made at the dealership. I have a 1993 LS400 and I had to have keys made for mine. Each key cost $200 and they come in sets of two with a new computer chip for your alarm. Your ECU has to be flashed (reprogrammed) for the new keys ( one hour labor = $100) so out the door it was $500 and change. You may be able to get them cheaper at Sewellpartsonline.com ( A Lexus dealer in Dallas with online parts service.........good prices). You definitely don't need to get a new ignition cylinder. Once you get your master keys made again at lexus you can take them and have copies made with a locksmith (around $20.00). These will open all locks but will not come with remotes.
Good luck.
Luis
Check Sewell Lexus. I paid about $50 for a new master key for my 97 sc300. Any pre-98 SC is really cheap to get a replacement. You just need your VIN and proof of ownership.
No need for reflash of ecu or anything like the 98+.
my bro works a lexus and the 94 doesnt have a chip in the key so no ecu reprogramming needed. it shouldnt cost u much just bring ur vin and ur info to the dealership