Is my replacement Honeywell V4073 faulty

The Randall 103 is a single time base device with just one switch in. It is designed for use with pumped heating gravity hot water systems. It can't be used with V4073 mid-position valves.

If you want the Honeywell valve to do what it's supposed to, you will have to replace your Randall 103 timer with a two channel timer. The wiring will probably have to be altered as well.

Here is the wiring diagram and pipe layout

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