That is correct...all 3 valves open when the operating rod is pulled all the way out. The cup groove on the valve and the port should line up when fully open. Tighten the reverse thread KIPS lever with the operating rod fully closed when reassembling.
Thank you. I wasn't sure and didn't want to have to pull it apart again. Been waiting almost 6 weeks to get my cylinder back and I want to get it right.