First of all, I'm thankful for ANY working timer, as I'm electronically retarded. So I think anything that any of you has done is pretty great. It's more than I could do. THAT SAID, I would LOVE to see someone attempt the side switch, which I've never seen on any replica. The pictures of it have been posted on here before. It's on the right side of the timer, under neath the rubber grip as seen in the episode In Dino Veritas.
I do not believe that the original timer prop had this switch to begin with! As Quinn is clearly seen through season 1 hitting a button on the keypad to activate the vortex. In later episodes, the timer is held up (door closed) and that side button is pressed in to activate the vortex. One great example of it's use is Gillian of the Spirits. The professor is seen at the beginning and end of the episode, switching it on in the rain and after Gillian informs him to reverse the polarities on the spectrometer. You can actually hear the clicks of him pulling the switch down to turn on the timer.
So here's my theory as to how this switch works (on the prop), and what it actually is...
I believe that the switch has three positions.
Position 1 (or the "top") position. The timer is off. That's it.
Position 2 (middle) The countdown is off and the LED bars are not scrolling to save battery. HOWEVER! The countdown colons are still flashing (keeping the count) I also assume that the upper and bottom LED bars are lit, it's just not scrolling as well as the upper and lower side lights. But I would have to go back and look at this to be sure. An example of this can be seen in the episode "The Young and the Relentless." Quinn picks the timer up, which was upside down on a glass table. He looks at it with fear/disgust for how much time is left....but he can't read it, only the colons are flashing, there's no countdown on the display (Nice acting Jerry). Additionally, (also in In Dino Veritas) in that same shot that shows the switch...it ALSO has just blinking colons.
Position 3 (Bottom position) The timer is go. All on. If it's being turned on for the first time, it could be designed to run through the genser start up. I'm not sure if the actual prop did this or not. I KNOW IT DID THE START UP (before I get yelled at)

but I DON'T KNOW that the prop did it on it's own, at start up, or if it's something that the show makers were able to make it do when they needed it. That might make some people mad lol I don't know, but let's be honest, it's a show, and a prop. The fact that Don Colie's timer does this start up when turned on is amazing!
NEXT!! That same switch that slides up and down, can also be pressed in. In the bottom position, while pressed in, the switch activates the lights at the top of the timer to turn on the vortex.
FIN
Now what is it? WELL....I think it's part of the Motorola family

I've never owned one, but while cleaning out an attic at an apartment complex, I found an old Motorola Pager...and there it was. A switch on the top that had 3 positions and could be pressed in to select pager options/functions.
@thedarkotaku you're definitely on the right track with yours. It's fun to watch your progress. If I can add ONE THING, which isn't to be mean and it MIGHT be something you already know! WOULD IT BE POSSIBLE to speed up those colons? Right now your colons flash with each second. Which is still great. In the show however, the colons flash twice per second. They flash as the number change (in sync like you have it) then they flash again. When they flash AGAIN it's a number change. Then they flash again (without the number changing) then they flash again with a number change (if that makes sense). In the pilot episode, when Quinn activates the timer early because of the tornado, you can see how the colons interact with the side lights as well. A long time ago, when I was first contemplating this project I drew it all out on a map, but like I said <- electronically retarded.