You basically, with all these diagrams, are changing the 700 to an ON/OFF three wire switch. The 700 is a switch all by itself. Unique in a bad way. The pilots are in series with the four corner bulbs so as to identify a bad bulb. This makes conversion difficult. It is an idea that didn't make the cut to brake inclusion. I do advise a 6/7 wire vintage replacement. This is my conclusion (AAR). Bastardizing it seems wrong. Relays and circuitry is a Frankenswitch. Nothing left of original switch except the shell. But we did complete the mission.
Right is right, even if everyone is against it, and wrong is wrong, even if everyone is for it. - William Penn