The switch is probably a $2-3 part that shouldn't take long to install; that's the route I would go. If you want to try cleaning it, I'd go with the DeOxit, as it's the gentler of the two. Many 'electronics cleaners' will dissolve the plastic housing of the switch, depending on its composition. Caution is indicated.
Electronics cleaner
I have a toggle switch that just crapped out on me in my Audio Research SP11 pre amp. It's the "normal/ bypass" switch. It works on normal but sounds faint and fuzzy on bypass (which is where I like to keep it set). Should I try to clean it before I send it in to AR. Any suggestions which cleaner might work. I have a can of Caig DeoxIt and a can of CRC cleaner here. Is one better than the other, or could there be something else going on? I know I can call AR but I think I know what there answer might be.