I wanted to provide an update on the solution to the pop which occurred on both opening and closing the power switch on my TD 160. This switch works in tandem with the speed control selector. As many have suggested, I had a snubber installed by a friend who knew just what was needed. ( Thank you Sanjib)
A 0.1 microfarad/450 vdc capacitor was placed in series with a 100 ohm resistor across the switch. This served to prevent the arc across the air gap.
Problem solved! The pop is gone completely. Thanks to everyone who contributed.
I hope this information helps others who encounter this issue.