Roger,
If you take that switch off your lathe and open it up you may find you can, straighten the contact strips. IF, this is the rocker type switch. I did this back in '08 PTownsubbie had the same problem a few months later, then someone else had the same problem. Fred explained it better than I am but, it's really NOT that difficult else, I wouldn't have been able to fix mine :redface::biggrin:
Hope this helps save you $40.00+ shipping!:wink:
Thanks for the great tips, Chuck! But unfortunately I can't use them - my switch is completely worn out. The hinge points on the contact strip are seriously worn, and almost completely gone on one side!

The slots that these points rest in are also worn considerably, so the body of the switch is junk, too. In fact, the contact points have been arcing so badly that they are mostly eroded away and completely covered in carbon, soooo...... no rehabbing this baby!
As fortune would find it, I did find two inexpensive sources. The first, eBay. (Of course!) $5.57 for the switch and $5.00 shipping, with free shipping on additional items. At that price, I ordered two! Here's the link:
Power First 2VLT7 Toggle Switch SPST 2 Conn Maint on Off | eBay
The second source, and the one that will be around after the eBay auction ends, is from Grainger. Their price is $6.48, and shipping to me would have been $10.48. This, too, is still a much better deal that $40.00+++. Here's their link:
WP5932506 Power First Toggle Switches - Grainger Industrial Supply
Thanks, all, for your input. It is greatly appreciated! :biggrin: