Confused about transponder key copies.

Sorry if this is been answered but my search has not yielded any solid answers.

I recently bought a 2005 Tacoma X-Runner. It only came with 1 key. So naturally, I want spares made.

This key is grey (as shown http://i.imgur.com/MiSl262.jpg) and has a dot near the base of the blade. My research leads me to believe that this is a valet key. Research also says that valet keys will only unlock the driver-side door and start the engine. However, this key will unlock both doors and start the engine. So I am unsure if this is a master or a valet.

The dealership wants $375 to make me a pair of spares.
I found some blanks online for $10, and a locksmith that says he can program and cut the keys for $50 total. This is the route I prefer to go.

I am unclear as to whether or not this can be done successfully. One source states that if I do not have a master key, then I can not make copies unless I replace the immobilizer system. I relayed this information to the locksmith but he seemed confident he could do it.

Can anyone give me some clarification?

 

Whats the problem many locksmith's have the equipment to program transponder key's. Give it a go if it don't work then you don't pay And your not out any thing.

 

I read a few stories about people not being able to start their cars after having keys programmed from sources other than the dealership. I just didn't want to get stuck.

Thanks for the reply.