Hi,
I successfully used it to remove the tailcap. I tried a cheap chinese 14mm switch boot instead of the original one. It feels a lot better, but the boot was a hair too short and I couldn't switch off the light every time. Changing the switch will be difficult because it seems to be a proprietary design.
A member on German messerforum.net wrote about inserting a thin piece of leather into the switch boot, which gave him a far better feel for the switch. Maybe it is possible to grind down the switch a little bit and use one of the standard 14mm boots from DX. But I don't know if this will harm the stability of the switch.