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I don’t see the reason for using a stack key. Since you have the correct script, why not just run it?
If you want to write it in the PME command tab, use ternary operator.

s = C.space_data.shading; s.light = 'MATCAP' if s.light == 'STUDIO' else 'STUDIO' if s.light == 'MATCAP' else None

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