Forgive me for babbling (err, thinking out loud) but I can't see how the flasher can be the problem. My original flasher (see previous photo) has 3 terminals marked 31, 49 and 49a. Obviously 1 terminal would need to be the 12 volt supply (probably 31) and the other 2 would then be for left or right directional. Inasmuch as there are no other terminals on my original flasher, the internal workings cannot be any more complicated than applying the 12 volts from terminal 31 to either terminal 49 for one side or 49a for the other (via the directional stub position), while the relay in the flasher alternately disrupts the 12 volts at the blink rate. The problem I'm having is therefor more likely the result of some kind of problem with the hazard switch or associated wiring.
The hazard switch does not have it's own flasher, it uses the same flasher as the turn signals. The flasher has no way of differentiating between the turn signal input and the hazard switch so the determining factor of either blinking only the left side bulbs or the right side bulbs must be determined by the position of the hazard switch. Engaging the hazard switch must therefore be connecting the left and right turn signals together while the flasher only interrupts the power. The fact that the hazard switch has it's own fuse (#12 in the panel) may provide a hint to it's internal operation.
One possibility for why the hazard switch has it's own fuse might be because the hazard switch has two different voltage supplies. With the hazard switch in the off position the 12 volts fused by #5 is supplied to the flasher through a connection in the hazard switch and the flasher does it's only job of... for lack of a better term, flashing... but when the hazard switch is in the on position it breaks the 12 volts coming from fuse #5 and inserts the 12 volts coming from fuse #12. At the same time the hazard switch connects the wires coming from terminal 49 and 49a together. The flasher being totally unaware of the cross connections simply flashes as usual which now... due to the cross connections in the hazard switch... blinks all 4 turn signal bulbs instead of just left or right. When the hazard switch is put back to the "off" position, the connection between terminal 49 and 49a of the flasher is broken and the 12 volt supply is again routed through fuse #5.
Unless I am mistaken... the above explains all of the operations of the flasher and hazard switch in combination including why the directionals fail to operate with the hazard switch removed. It also explains why there are 8 wires in the hazard switch socket.
From the above I must conclude that I've got either a faulty (new) hazard switch or the wrong hazard switch.
Sorry for the babble but it helps me think.