Hmm...a good moment or two of disassembly and wash the case leaving the "Guts out of it, might show where the plunger meets the inside "strike" that area can get "gooped" up with dirt - as I suggested in another thread about a power mike and it's Paddle may not fully disengage or engage - causing the Batteries' life for it to be cut short.
This may be a similar condition - if you just grasp the mike with a Death-Grip - which can distort the plunger geometry - you can bend the spring and throw stopper from excessive force - well it does show it's "Gasping" for breath when you really hold onto that mike.
You might want to just "wash" the coffin and windscreen, then look in the plunger "seat" and paddle "key" for any binding or scraping or excessive wear and treat, sand, burnish, oil, or lube accordingly - it's not uncommon, but the Cobra "Coffin-style" mikes are not a plentiful as they once were...A lot of them are found in CB Shop junk bins and the headaches from the abuse the other mic's received from their former owners might be the only route you can take to rebuild your handset.
It may be worth looking into rebuilding, because some mic's - just the switch goes bad or the cord is cheap - but the Element may be worth saving if it has the same dimensions as well as similar or SLIGHTLY higher impedance - like 700 ohm Dynamics ones from the JC Penney line