Finally curiosity got the best of me...… I have connected pin 4 of the speed relay to the coil negative and everything seems to work fine now. Vacuum valve operated as intended closing the vacuum at about 2200 rpm. I didn't have time to set the timing with a timing light (will do that later) only set in a position where the car seemed to idle smoothly without too much advance. The car revs now effortlessly, no hesitation whatsoever... I think that is the beauty of the 123 ignition.
Another milestone reached..... Since this summer I have renewed the AC system (new Sanden compressor, condenser, condenser fan, filter/dryer, high pressure hoses- only original evaporator was kept), installed a period Becker Mexico which I had salvaged years ago, installed headset guide rails and headrests in seats, valve adjustments, linkage adjustment, chrome trims with rubber inserts all around which were missing, 123 ignition, emissions control system recommissioning..... to name but a few.
Thanks to all the people who have guided me through this latest 123 ignition installation exercise on a late 280SL US spec.
Nicolas