I would guess that is the same as the engine key,
Not necessarily. Maybe when the boat was new but after 32 years it's quite possible that the ignition switch has been changed. Or somebody lost the panel keys and replaced the lock.
I think I'd try forcing it with a screwdriver after thoroughly searching the boat for a key that works.
Also try applying inward force on the trim holding the lock. There are a lot of wires behind the panel including the battery cables to the battery switch. They can put some pressure outwards on the panel.
On my boat the keys stay in the lock.
I've attached a photo of the inside of the lock, it looks like you might be able to spin it with some minor force if the mounting hole is round.