This one on top of my list. Till it arrives, I am lubricating the existing one with graphite. What do you think about that?

Lubricating isn't the issue heat is. Mine were the contact points burning back until they didn't work anymore, others have wires de-solder and fall off. I changed all my lighting to LED to lower the draw.
 
Lubricating isn't the issue heat is. Mine were the contact points burning back until they didn't work anymore, others have wires de-solder and fall off. I changed all my lighting to LED to lower the draw.
OK, I got that. I also changed the headlights to LED
 
What is a good alternative?
I use ACF-50. It is water dispersant, takes ages to dry (months) and is dielectric.

But as has been stated the issue in the triumph switch is heat - The LED headlights may have helped depending on which ones they are.
A bypass relay is the only real solution. Either buy from eastern Beaver - or consider @DEcosse keyless ignition which tackles the issue from a different perspective.
 
Rather than an ignition switch, search for eastern beaver.
Headlight relay fix. There are several alternatives for the same fix.
Search is your friend.

The current for the headlights flows through the switch and eventually will melt the contacts. The Eastern Beaver kit reroutes the current directly to the lights. I made my own version of the kit, but do not recommend it as a cost or time saving strategy. Next time I would definitely just get the kit.
Triumph

Good to know how to hotwire your bike in an emergency. Go here... https://www.r3owners.net/threads/urgent-broken-down-on-the-road.16145/#post-206537
 
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