It might be time to look at sensing PTT and the encoder switch by an analog input to free up lines. Neither of these inputs requires the fast response of CW keying so you could carefully debounce the switches. I also wouldn't expect both to be pressed at once.
Frankly, if it comes down to a choice I'd rather have functioning CW than an S meter.
??? Bob?? KD8CGH
Bob Benedict, KD8CGH