My experiences with the key pellet are that the car won't even crank. You can turn the key to the on position and the accessories will work, however, when you go to start the car it won't crank. I just went through these issues on my 93.
Once you get the car started wiggle the key around in the ignition and see if the security light comes on. If it does, then there'* most likely an issue with that pellet. You can clean the pellet with an erase (as found in this post: http://www.bonnevilleclub.com/forum/...ght=key+eraser