With several years as a locksmith I guess I feel like I should put my 0.02 cents in here. Graphite is a dry lubricant for dry conditions (i.e. household door locks). Spray lubricants like WD40 and PB Blaster (which I prefer over WD40) are better suited for wet conditions. Like someone already mentioned do not mix the two as they will turn into a thick gummy substance. Automotive locks (motorcycles included) have a grease in the cylinders from the factory (wet lubricant). Aside from the dry/wet argument (once you use a dry lube stay with a dry, and once you use a wet stay with a wet), motorcycle/automotive locks use wafers or discs while household locks (for the most part) use pins. Graphite works well in dry conditions on pin tumbler locks, but wet lubricants are superior for wafer tumbers such as motorcycles.
After spraying the lubricant into the cylinder it is important to insert and remove the key a number of times to work the lubricant into all the wards of the lock. After working the key in and out a couple times, remove it, wipe it clean, reinsert and repeat the process atleast 4-5 times.
There are some silicon based lock lubricants that should offer better water protection. To the OP. It sounds like you may have broken the spring that closes the flap on the ignition. If it works it's probably fine to leave it alone. You just dont want parts to fall down in the cylinder and damage a wafer. The big thing to remember is that it should never take force to do anything with a lock (be it insert/remove a key or turn it).