More a question of what is normal with these. ?
Probably an elcap problem, repaired . Its out of the box so the normal
footswitch action is replaced for testing with just a wire touched to
ground.
As this one stands, then about 0.2 seconds of contact is required for the
flipflop action to change latch action - is that normal. ?
Any less and it just momentarily flicks to the opposite state but reverts.
Also is the "hold" mode not-hold, ie the box is only on for the duration of
the footswitch being pressed and off on removal of foot, in the other mode
ppositions long,medium and short delay then latched, divide by 2, footswitch
action.

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Diverse Devices, Southampton, England
electronic hints and repair briefs , schematics/manuals list on
http://home.graffiti.net/diverse:graffiti.net/