Marx 1941 Tin Dumbo Wind-up Toy

Old 1941 Marx tin Dumbo wind-up toy. I believe this was introduced to coincide with the original movie release back then. Normally when the key is wound, the toy would pop up at different intervals.

I noticed though, that when you wind the key there is a lot of tension and the key does not "lock" into place at any time. If you were to release the key, it would just fly back into place. I have not yet taken the toy apart to examine but if anyone here would know how I might repair this (If possible) or what to look for, that would be just great. It really is a wonderful little toy.