You are definitely on to something with this switch. Rather than solder it I user alligator clips on the front terminals. Well, what happened will tell the tale.
1. CB band is perfectly illuminated
2. AM does not illuminate but LSB and USB do when I switch to them.
3. The counter is on but moving through numbers randomly.
4. The meters are not illuminated and could be bad lamps.
5. I can switch between counter and clock and I can observe and extra barely flashing digit after the minute digit.
6. The clock does not seem to be counting time.
I may need to change caps on the counter as well but before that this switch looks like it needs a change.