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Sorry to say it sounds like you have a bent axle, If you mean Drive shaft when you say propeller shaft, then that's either because you also bent the driveshaft or you have u-joints that have gone bad. It sounds like a mess, Did you hit something or run over something? Rear axle don't just get bent form nothing. Has there been a grinding noise for awhile coming from the rear area? Your axle bearing or wheel hub bearing may be shot causing the wobble,
Is this the original key for the truck? If not, an imperfect cut sometimes causes this problem. If it is the original key, inspect the key for burrs, and make sure it is not bent or warped--it must be flat when laid on its side. Hold the key right side up against a known flat surface--is the key straight or bowed? Brass is a soft metal that can be easily bent in either direction. Also, if the key/truck is older, say 10 yrs or more, the key may just simply be worn. Since you've replaced the lock cylinder, lubrication and/or the lock is not at question. It's something to do with the key.
A blown head gasket can let oil + water into the cylinders. If this was the case, it's probable that you've bent the cylinder arms (don't know the technical term) but if that's the case, the cylinder(s) will not rise to their full extent, thus lowering compression.