I have a feeling that if The Jim Henson Company owned the distribution rights to The Great Santa Claus Switch then it would have been released on video by Muppet Home Video, Jim Henson Video, and Jim Henson Home Entertainment. Muppet Home Video released all of the then-existing Muppet specials that weren't related to The Muppet Show (with obvious exceptions of Tales of the Tinkerdee and The Muppets on Puppets). The other two video lines released every christmas special owned by Henson, with the exception of Mr. Willoby's Christmas Tree.
And I guess if Henson had owned the special then Nickelodeon and The Odyssey Channel would have broadcast the special during the christmas season, along with other Muppet christmas specials. But Henson never owned the distribution rights. Considering the fact that The Great Santa Claus Switch was only broadcast once, and never released on any video formats, I wonder how well it did in the ratings in it's one broadcast. I hope that there weren't any residual problems (maybe the contracts for the special only covered the first broadcast). Since Disney apparantly allowed for Rowlf to be included in The Best of the Jimmy Dean Show Volume 1, then I hope that Disney would allow for this special to be released. Disney would probably only really care about the use of Gonzo (hopefully Disney wouldn't demand that hiss cenes be cut from a DVD release), and maybe also Thog. I don't know about the other monsters.