Editor's note: This procedure isn't rocket science or anything, but you will have to take your joystick apart to do it. The author and this web site aren't responsible if you break anything. :)
Just follow these steps:
Remove the two screws from the bottom.
Remove the top of the joystick.
Cut out a square 1/4" x 1/4" piece of electrical tape.
Stick the electrical tape dead center over the Action button contact.
Get a thin 3/8" x 3/8" round Self-Stick Protective Felt Pad.
Stick the Felt Pad dead center over the Action button contact and electrical tape.
Reassemble the joystick.
This not only makes the joystick last much much longer but it also makes the Action Button work better by being more touch sensitive.