I had the exact same problem in the middle of a road trip with my 76 F bike. Although our keyswitches are different, you may be experiencing similar woes. The bottom of my switch had popped loose so the contacts weren't fully mating, which caused some arcing, then a sudden failure. I hot wired the thing on the road to get to a hotel, which is scaringly easy. In the hotel I cleaned the contacts, put the switch together tight with a zip tie, and cleaned every contact I could find in terminals and the fuse block. I made it 600 miles home with no problems and put another 300 miles on it before I tore into it again.
With wiring, definitely look for a diagram and be patient. Clean all corrosion you can, in sockets and fuse terminals. It is also a good idea to recrimp connectors or replace altogether old connectors as they all add up to more resistance. I actually replaced a lot of my old socket connectors with a permanent connections and shrink fit tubing. Also, the ~$180 I spent on a new Honda keyswitch was some of the best money I spent. Aftermarket keyswitches can be pretty crappy.