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Above is my experience also, I have an 003 that came with a newly installed reconnection switch from the military. It never did work right, ended up replacing the whole box, after many hours of trying to sort it out.

The above probably answers your question, but I believe the flat spot on switch is facing down in 120/240. Might be best to not turn the switch if it is in position you want. Older switches tend to get stuck in the position they were most used at in past and it can be a pain to get them to...