Thanks for your thoughts.
Having traced the circuit through in the lathe, I now know that the fault was not related to the PCB, hoorah! I removed the switch and tested it in isolation by energizing the coil from the Lucar blade connections on the back of the switch, all I heard was a faint buzz, so I ordered a new one.
Now that I know that I don’t have to rely on the old one I took it apart, to my surprise this was quite easy and unusually, it did not ‘explode’ in a pile of small parts and springs.
I found that whilst lightly marked, the switching contacts are in reasonable shape, but the leads leading away from the coil were simply jammed down the side of the main contacts from which it derives its supply. No weld or solder involved.
I suspect a poor contact at this point.
I guess I could repair it, but with a new one on the way I question the need, spare maybe?