Tech II is right on it, as usual.
Of course, it will be a good idea to verify the condition of the "hidden" VATs fuse in your car. It should be in the swing-down "Convenience Center" under the left IP:
A possibly easier method for determining the proper key pellet resistance is to connect a potentiometer to the harness at the base of the steering column. In lieu of that, a handful of individual resistors would suffice. The resistance for all the key blanks are as follows:
Measure and set the resistance of the pot (open circuit) to the selected value then connect it. Attempt to start as instructed above. Wait, lather, rinse, repeat.
This will eliminate any potential problems with wiring in the column, the leaf contacts in the cylinder, etc.
It is doubtful that the new lock cylinder has broken wires, even though that is a common problem in old locks. Connections could be a problem, however.
If none of that works, you'll have to dig deeper into the VATS system. An oscilloscope will be helpful then.
You can find a little more on my page:
http://www.wwdsltd.com/files/VATSSystem.html