FYI, a 67 Cougar HL switch was rated for higher amps because it had a 4 hl system, so that switch will work too.
But for OP's orig question, I too do not think it's a bad HL switch.
Flickering HL's and lower speeds can also be a bad/weak orig style voltage regulator. The reproductions not great. Switch it to newer electronic regulators.
OP, have you taken out or changed anything lately like ignition switch? High dimmer switch? Or starter switch and wires not in correct location?
HL power wire I believe is a #37 on schematics, a black with a yellow stripe, comes from fuse panel to starter solenoid, to head lights. So if you have that wire to wrong post on your solenoid, that'll cause your issue..