So, I was able to completely disassemble the idrive controller and found the problem to be a torn tiny, 3mm wide, strip of flex cable circuitry that connects the function of the push button of the controller knob to the base. I know there are ways to repair flexible circuitry, but don't think those methods would withstand the continual use of this device, especially since the break is at a 90 degree curve in the flex circuit.
With that said, if anyone really wanted to mess with this device, all you need are some small pry tools, and a small set of torx drivers...a t8 for the 4 base screws and t6 for the screw holding the knob down to the post. Otherwise everything else is just snapped into position. Reassembly isn't that difficult either.

Additionally, it would not be difficult to switch out the black disc atop the knob with something more flashy or decorative.

Ordered my replacement unit and will install it once it arrives.