John,
After your post here it made me think to test mine - and no the failsafe didn't work (On my Fairmile).
Anyway as per my refurb (Robbe MTB) I fitted a new RX, didn't work, swapped it, wouldn't work - tried 3 new RX's in the end and either they would pair then drop out lots or not pair at all.
Anyway - long story short after a long discussion and version number checking with Perkins, they advised there was probably an issue between the RX's (green dot) and RX's (without) talking to the TX - as well as the RX's without the current version failsafe not working.
Anyway, took the whole lot back to shop and after even more testing they swapped the lot (so two on Green Dot now) and all works fine. Perkins and modelshop believe it is a faulty transmitter !!
Now reason for mentioning is whilst testing I did get the same "throttle jam" as Bob had, on a green dot version.
It may be worth checking that you too haven't got an issue Bob with a pre green dot TX having a hissy fit
with a new green dot RX !!
Anyway, it might be worth a check - and even if not would be worth checking all Planet TX/RX just in case !!
Cheers
CJ