I assume you've found the switch under the bonnet, the grub screw you've removed goes into an extender shaft, other female end is fixed to the switch shaft by a normal screw rather than grub, slotted for fore and aft adjustment, switch body is retained to a plate by a big knurled ring nut, like a regular kind of dash switch. Hopefully when you open the switch you'll find a jammed up clockwork cancelling mechanism, which will free off with a good rinsing of petrol, parrafin, or whatever takes your fancy.
For your warning light, the switch has 3 terminals, one is live with ign. the other 2 go to trafficators, connect your lamp between these terminals and it will glow whichever way you indicate.
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