Yeah, get that taken care of ASAP or it will leave you stranded.
Some folks take a dremel to their ignition cylinder to smooth it out, but the best way to fix it is to order the new style ignition cylinder - p/n 92234035
Info:
http://www.ls1gto.com/forums/showthread.php?t=154729
How to:
http://kb.ls1gto.com/KB/article.aspx?id=10532