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Stochastic hybrid systems involve the coupling between discrete and continuous stochastic processes. They are finding increasing applications in cell biology, ranging from modeling promoter noise in gene networks to analyzing the effects of stochastically-gated ion channels on voltage fluctuations in single neurons and neural networks. We have previously derived a path integral representation of solutions to the associated differential Chapman-Kolmogorov equation, based on integral representations of the Dirac delta function, and used this to determine ``least action'' paths in the noise-induced escape from a metastable state. In this paper we present an alternative derivation of the path integral, based on the use of bra-kets and ``quantum-mechanical'' operators. We show how the operator method provides a more efficient and flexible framework for constructing hybrid path integrals, which eliminates certain ad hoc steps from the previous derivation and provides more context with regards the general theory of stochastic path integrals. We also highlight the important role of principal eigenvalues, spectral gaps and the Perron-Frobenius theorem. We then use perturbation methods to develop various approximation schemes for hybrid path integrals and the associated moment generating functionals. First, we consider Gaussian approximations and loop expansions in the weak noise limit, analogous to the semi-classical limit for quantum path integrals. Second, we identify the analog of a weak-coupling limit by treating the stochastic hybrid system as the nonlinear perturbation of an Ornstein-Uhlenbeck process. This leads to an expansion of the moments in terms of products of free propagators.