I found this luggage lock at WalMart for around $6, It's a Brinks 3-digit combination luggage lock, TSA approved with a TSA 004 keyway on the side.
I was able to bend a paperclip in a T shape to simulate the key, so that turning it clockwise in the keyhole makes a clicking sound and unlocks the lock without having to know the combo, same as an airport luggage inspector would do.
What I found interesting about this particular lock, though, is it has a little indicator in the bottom right that starts off green, and turns red when the lock is opened via the TSA keyhole. Normally the only way to reset this would be to enter the correct combination, then turn the shackle 180 degrees and push down. However, I found that by sticking a flat enough object like a pick straight into the gap above the third digit and flicking downward, you are able to reset this indicator manually without ever entering the correct combination.
I made a video of this, as well as opening other TSA approved locks, here: http://youtube.com/watch?v=BbqO6HkKHqo
Any feedback is welcome.