(The Radio Shack iron came with a momentary push button switch, but I soon tired of that and hacked it into a latching switch. Too much finger ache otherwise.)
I installed a toggle switch onto my Weller battery iron, too. That works fine for a few joints. Set up, turn on, wait, do the job, and turn off. But I soon tired of toggling it on/off on longer jobs, in order to prevent the tip from turning into a ball of charred flux residue.
PWM standby power is all it takes to make these things into awesome little working irons. Each joint is just one second of full power away. I used a micro. But at it's simplest, all you need is a PWM circuit, a FET, a full power bypass tac switch, and an on/off switch. PWM cycle can be quite slow, on the order of 1Hz, so switching doesn't need to be efficient, at all. Simple pull up/down would be sufficient to turn off the FET, so the tac could simply override the PWM's output at the FET gate +- diode rectifier on the PWM output, depending if it's push-pull or open drain. Or if using an IC for PWM, perhaps connecting the tac switch to the reset pin.