Mine stopped working a year back but I haven't spent any time to troubleshoot.
Last item to break on my dash was the dimmer switch and swapping that with one from the junk yard fixed it, but cruise control might be a bit more complex...
Seems to be plenty available for under $50 via http://www.car-part.com/ If it is the actuator, it is an easy DIY replacement. Make sure you get the right one (V6 and 4 cylinder actuators are different, as are the rare ABS equipped car actuators).
I've talked about the stock Toyota CC elsewhere here, but mine was for the First Generation (first year in fact, 1983)
My Mother had had the actuator replaced couple of times over the years, and when it stopped working again some time after I inherited the car, I just gave up and changed it out for a modern aftermarket Rostra brand cruise control. These use an electric motor to move and hold the cable, so much more reliable than the old vacuum setup.