If you remove the ignition switch, the engine will start with no problem(AC CDI models). You will not have gauge cluster working as the 12v will not be switched ON by the ignition switch.
In OFF, the ignition system is grounded, and won't make spark. Also, power is removed from 'battery operated' items, such as fuel gauge.
If you remove the front cover, you should be able to see the ignition switch(actual switch, not the lock cylinder) and the 4 wires. It will be held in place by a couple fasteners, likely 10mm. If you can match the appearance of your switch to one of the images on DaBay or DaRiver, you can generally order a new 'lock set', consisting of 2 keys, ignition switch, seat lock and locking gas cap. Prices start in the $13 range, and go up.
An alternative is to use a regular toggle switch(or two) to provide B+ voltage, and to un-ground the magneto. That is ALL that the igntion does. Get a DPST switch with two built-in switches. One will 'make' one switch and 'break' the other depending on which way you toggle. Or get two plain SPST switches. One for power, one to ground the CDI. Mount conveniently with confusing labels to mis-inform the curious and sticky-fingered. Gas cap and seat lock, perhaps the steering lock, will still work if you don't muck with them.
If you want to go fancy, you can likely find a SPST switch that is key operated, so you can lock the igniton to ground when out and about.
A thirty-third alternative is a remote start/alarm combination. You can wire those in to operate the starter, and all electrics, and to ground the CDI as desired. They also include an alarm. See on aliexpress. About $20 from the far East.
The high majority will use a commonly available lock set if you are indifferent to customization.
tom
Thank you so much... I'll put this information to good use