66 ignition switch question

the last few days the ignition on my 66 has been acting funny. Today it pretty much would not turn off. the key will come out of the switch and keep the engine running. It seems the switch is "turning" in the housing. I finally got the engine to stop (all power was off) and then had to use a screwdriver to twist the slot (where the key goes into) into the straight up and down postion.

My questions is:

Is there some kind of fix to this without replacing the ignition switch? I have no problems replacing the switch but if I can fix it without replacing that would be great.

thanks

well, went and messed with it a little. While putting the paper clip in the small hole and turning the key a HUGE amount of electrical smoke came out from the dash/ignition area. I got it turned off and unhooked the battery. A flatbed wrecker is on the way to my house to take it to my buddies shop.

On the bright side my 302 crate motor and AOD should be ready late next week and be at the shop in 2 weeks. Looks like my car will be away for 3-4 weeks.