I just remove the tumblers, so no key is necessary. Use a dremel tool to open up the key slot. Use a flat-blade (regular) screw driver to open and close the gas cap. Cheap and effective and will not leak.
I know this doesn't help the discussion, but it's just funny. In our first endurance race, we were very inexperienced and had an inexperienced crew. Our refueller got excited and bent the key when trying to open the cap. So we refuelled and then couldn't get the key out. It took like 10 seconds to pry it out and it seemed like forever. But then it wouldn't work again in the ignition. So he grabbed the key and ran off with it to find a rock and pound it straight on a guardrail. I have no idea why he didn't use a hammer out of the toolbox. He was a little excited. We changed the cap and didn't care how long it took to unscrew after that because it wasn't worth the risk of loosing the ignition key.
Nik, thanks for the funny key story. A key on a race bike is a liability. I also and replace key ignition with a toggle switch. I carry a spare set of keys in toolbox and glove box, and give one to a friend. The last thing I want is to be locked out of my truck, trailer, hotel or out house.
I am using this on my racebike http://www.sprewell.com/index.asp?PageAction=VIEWCATS&Category=671 its awesome 1/4 twist action and very smooth