Headlight problems

My Son has an '84 Delta 88 with what I believe is a bad dimmer switch, although I'm not sure. He has no dim headlights and the only way he has brights is if he pulls the stalk and holds it. He says there isn't a click when he pulls on the stalk, only that the brights come on until he lets go of it and then no headlights at all.

Current is normally present at the lo-beam position, and pulling back on the arm simply re-directs current to the hi-beam circuit. The problem is the contacts of the lo-beam circuit are worn out. Another confirmation is the absence of the click.
This problem could turn out to be serious if the right factors such as high resistance come into play. It is a potential fire hazard that you should adress sooner than later.
The component you'd need to replace would be the multi-function switch. Even in my 1991 Olds Cutlass Ciera it costs over 300 bucks. A cheaper alternative is to get an entire steering column from an auto recycler... or just the multi-function switch.