if the plist is on disk, you can directly read the file into a NSDictionary (the top dict tag)
set thePlist to current application's NSDictionary's dictionaryWithContentsOfFile_("/path/to/file.plist")
set theValue to thePlist's objectForKey_("key1")
try this, the snippet expects the xml text in the variable xmlText
set theData to current application's NSString's stringWithString_(xmlText)'s dataUsingEncoding_(4)
set theDictionary to current application's NSPropertyListSerialization's propertyListFromData_mutabilityOption_format_errorDescription_(theData, 0, missing value, missing value)
log theDictionary's objectForKey_("key1")