Actually, the red button is not supposed to turn to turn on/off the saber. It is a momentary switch under the red button. The red button itself is screwed into a retaining plate under the outer shroud and it sits on top of the momentary switch. You can vary the amount the red button sticks intot he saber by screwing it in or out. Screw it out and you have a safety that allows you to carry the saber without risj of the slightest bump turning the saber on. You can screw it in a little and the red button becomes the momentary plunger. I am not sure what will happen if you leave the red button screwed in to far all the time - it might not be good for the CF so I would not rely on it being screwed in to far. The purple hemi is the aux switch as you said. The sabers are set up with APOP so you will need to push both the red button and purple hemi to turn the saber off.
Sorry if I did not make this more clear int eh instructions. The red button is left loose on purpose to facilitate easy removel should there ever need to be a repair. There were instructions detailing the poosible use of loctite if you want to keep the red button from moving, but that is your choice. The sabers were made so you could personalize them a little and fix them to your preference instead of making them too difficult to effect changes if you wished them.
edit: I will have to double check my paper work and possibly check with Erv, but I believe these boards are not the V5.1 boards but the V5.06 boards. I will double check and make sure Sanjuro knows so he can make sure he has it correct on teh stands.