Ace,
I have 2-3 022 switches on my shelf. I accumulated them over the years in various "deals" and they are inert when connected up- no light, no hint of anything.I assumed this was an open coil but your comment that you have not seen this happen has me thinking...what could it be?
Old switches need to be taken apart, cleaned and basic electrical troubleshooting skills applied to identify and correct places where current flow can be interrupted - especially with mechanically crimped connections and sliding contacts that get oxidized over time. You can see the original Lionel service documents here:
http://pictures.olsenstoy.com/searchcd31.htm?itm=673
When I take an O22 switch machine apart I apply voltage directly to the coils to make sure they work, before servicing the rest of the switch machine.