i've done this on countless shifters - some even bought cheap because they were 'knackered' but now work flawlessly.
sometimes all that is needed is the delicate touch and a bit of lube

but do stay away from taking the centre bolt out (located under the small plastic cap right at the bottom of the shifter on the M740), it'll all explode and never go back. ever. i've detached the main coil spring before (without undoing the bolt) and that was difficult enough to get it back in place.
there are several coiled spring mechanisms that operate as part of the ratchet system, these can get stiff where the lube/grease has dried out and has grit in the way.
also, as jamabike correctly points out, they all have little holes or groves that they hook into to provide resistance/recoil for pulling the cable back into the shifter etc. if one of these slips out, or is incorrectly relocated due to a knock or accident, then this will affect how much force the spring applies.
Its more than likely that the spring coil on the little ratchet arm is clogged up, stopping it from moving through its full moment, hence why it only shifts half way through the gears.
i'm guessing this happens going up or down the gears?
when moving gears with the bigger 'thumb' trigger (back up your cassette to the bigger ring), i'm guessing it'll shift a few, then feel like its not catching at all? like you're pushing against nothing? if so, that'll be because its all clogged up and the little arm that rests against the ratchet tooth isn't catching.
i think i'll post some pics up of this soon and get some sort of troubleshooting guide done.
i may have waffled on here, but once you look at the innards and study the way the ratchet moves when you shift through the gears, you'll understand quick enough

i took apart one of these shifters yesterday and gave it some TLC, just removing the grit it can accumulate will make a massive difference. its all because the components fit so closely together.
You'll certainly feel and hear the difference. its like having a mouth full of sand and crunching your teeth together, then washing it all out

very satisfying
EDIT: P.S. a good shifter to take apart and see how it all works is the STX / STX RC shifter. a bit fiddly to remove the casing, but once removed you see a lot of the ratchet mechanisms, which are all used in a similar vein to most rapid fire systems
