The Fosgate was the second of many phono stages I’ve owned since, and it is slightly microphonic in general. It does sound like the switch itself might need a cleaning (deoxit) or replacement. The fact that it’s vertically oriented enables dust and oils from fingers to seep in over the years.
All the switch should be doing is rerouting the signal path to go through the internal step up transformers or not. The fact that it comes back in means the transformers are ok. If a deoxit spray down doesn’t help, it might also be worth inspecting the board on the left side in your pic to see if any wires are crossing, maybe unscrewing that board to see the other side where the transformer wires are getting soldered in.
One odd thing that also might be causing it is that the filament of one tube may start to die out.
But more than likely a deoxit cleaning will fix it. Fingers crossed.