Jeff,
You said that on the
flasher relay one terminal has power and the other terminal only has power when the turn signal lever is moved out of the neutral position, if that is true you have a defective
flasher relay.
Looking at the
wiring diagram, available voltage from the ignition switch goes through the orange wire with the yellow tracer, through the 15
amp fuse to the terminal on the
flasher relay. So that terminal has available voltage when the ignition switch is turned on. Since the
flasher relay is a switch and when current is not flowing through it, the
flasher relay is closed and available voltage should be at both terminals of the
flasher relay. Since you said that on your
flasher relay only one terminal has power that would indicate that you have a defective
flasher relay. In other words, when the ignition switch is on and the turn signal switch is in the neutral position, you should have available voltage at both terminals of the
flasher relay, both the one with the orange wire with the yellow tracer and the one with the blue wire.
Before you start going down the rabbit hole replacing the turn signal switch and its wiring, remove the
flasher relay and bypass it by connecting the two wires together. If the
flasher relay is defective, when you move the turn signal lever to the left or right positions the respective turn signal lights will illuminate and remain on.
doug7740
1955 Thunderbird Blue