One section of the switch turns off the power to the oscillator, and the other section connects the output of the MCW system to the radio. Radios of different manufacture have different input and switching requirements. With most of the earlier designs, a simple switch closure will put the radio into transmit. The audio line can be left connected in most cases on these early radios. Check your actual mic.
Some systems require that the audio line be disconnected also.
A 3PDT or 4PDT switch may be required with some radios. Just duplicate the switching that is in the mic. A few of the modern radios require a low impedance at the mic input to switch into the transmit mode. An open circuit there switches to the receive mode. The HTX-202 seems to work with 3900 ohms as the load resistor.