I had a 1990s vintage Lionel O72 switch, once. Not only did the motor fail as yours did, but almost every loco that passed over it derailed, and some cars too! I literally threw it in the trash. Didn't want to sell it and foist that disappointment on anyone else in the hobby!
I'm pretty sure Ross makes an O72 switch with the identical footprint. That's the way I would go!