It's likely to be the footswitch, it's pretty common on the reissue Polys. If you can solder, it's a dead easy fix- just buy a new footswitch, and solder it in as the previous one was.
I'm not certain what sort of footswitch you need, it might be a "DPDT", although I'm not sure if the newer Polychoruses have true bypass ala the new Big Muffs/Small Clones etc.
Someone like Mike (from the boards, not Analog Mike) should be able to help ya.