I also have one of these where the clutch doesn't quite work right - I managed to adjust it so that both FM and AM work, but in FM the AM scale is dragged along in some parts of the dial (or vice versa, can't remember).
I was planning to simply buy some rubber sheet of about the right thickness, and cut the rings out of it. Disassembly seems such a complicated job, though, that I haven't gotten around to it - I never use the AM scales anyway...
In some other applications, I have managed to resoften some rubber parts by soaking them in vegetable oil, but in this case it might just make the friction surfaces more slippery.