After quite a bit of fiddling I managed to install it, and have it move and lock the points. The hard bit was to get the point end of the throw-rod to move just as much as needed to move the points, and at the same time allow the switch stand end to move a larger distance in order for the handle to reach the position where it locked.
Red Cliff Miniatures has a solution for that problem - a throw bar with a spring that takes up the excess movement. But I did not want to use it since it would look out of place and non-prototypical. Instead I managed to construct a two part throw-rod where a "hook" in one part could slide inside a groove or run in the other part.
Here is the new switch stand installed, painted and weathered.
Points are thrown by lifting the handle, turning it, and lowering into the locked position.