I would not recommend using any sandpaper on the board itself. I do keep a piece of 2000 grit wet/dry in my box to polish the button and the brake contacts. Cut a small piece of the 2000 grit paper and place it between the button and the board with the grit going toards the button face. Work the trigger five or six times to clean up the button. Using a soft cotton cloth, apply a little lighter fluid to the cloth and clean the bands on the board.
Now here is where you can freak out if you wish. Use your index finger to rub the side of your nose. Your finger will pick up natural body oils, apply that to the board and work the trigger a few times. Trust me, the "nose oil" lasts longer than voodoo drops and it won't harm the board. When I'm able to race, I do this on a weekly basis, and I have both an HD-30 and a Genesis controller. If the controller button starts to feel draggy during a race or enduro, apply more nose oil. Learned this from a very experienced racer and longtime Difalco user.
If you feel that you really want to replace the button, what it comes with is a standard Parma button like Scott said. I tried one of the Slick 7 buttons in repairing a Difalco that belongs to my son, and went back to the Parma button because the Slick 7 button was harder and scratched the board.