Yes, step 1 should be removal of the rubber band and determining whether the button responds to being prodded directly.
Opening these units is reasonably straightforward. You'll want some isopropyl alcohol to clean all the sticky gack off once you remove the rubber band.
Getting them back together is all about adhesive tape, unfortunately. I found double-sided carpet tape did the job, and a scalpel is handy for trimming it once in place. Start by inserting the USB socket cover and working the rubber into place from there downwards - this ensures the buttons are correctly aligned.
If you open the unit up entirely to check for failed solder joints on the switch, I also recommend careful inspection of the contact between the battery springs and the pads on the circuit board. On my well-used Vista HCx, the copper had worn away directly under the springs, leading to the random power-offs that are usually attributed to loose batteries. I bypassed the contacts with wire-wrap wire.