Job done.
I was expecting to find a larva and maybe a dead bug as food supply for it, but the egg mustn't have been viable because it just contained wax. After broddling out a good bit with a scribing point and vacuuming out the loose bits I put the heat gun on it - it smelt like earwax - and shoved the key in, and it went round quite nicely. There's just a return spring at the end of the barrel that no longer shoots the key out when it's lined up properly, but that's no loss - better without, in fact. I put a minimal squirt of TF2 - solvent/lubricant mix - in it. It still works cold, so all is hunky dory again.
I now need to make a pivoted cover to stop the beasties getting at it again next year.
Thanks for the suggestions, everyone.