Cleaned it up with some citric acid and tsp. Lightly polished some of the parts that rub on each other with some 600 grit emery cloth.

Put a small bit of Dow 111 on the edge of the rubber part of the seal, also put some on the spring and sliding contact areas of the pressure piston. Tightened the two flat head screws in, then the cap that compresses the spring. Clipped the brass frame on that holds the micro-switch in place. Held the pressure stat with some pliers as I tightened the compression fitting.
Pulled out the piston (thanks Dan) by applying a bit more force than before. It slowly slid out and looked to be in pretty good shape. The rubber one the two rings are in fine shape! Wheee. Cleaned off the old lubricant, soaked it in tsp and some citric acid for a bit and washed clean. Not looking too bad at all. The piston just fit in place and gently slid down into place, no force required.

Filled her up with some water and checked for leaks. OK so far. Figured out a way of adjusting the pressure without having to hold things up. Placed Elektra where two of my counters connect at 90 degrees. Here is a view looking up at the pstat.

Mark