Hey, same situation here with my Old School. I found a way to work around it, for my unit at least: the release switch will completely kill the release time as long as the amp release knob is at 65% or less, any higher and it only cuts it down about 1/2 time. My release switch functions more like a "fast release>>slow release" switch. I don't mind that so much
As for whether that will work for you, only one way to find out. Try it. I hope it does, otherwise good luck contacting Moog. Their tech support is always pleasant and helpful, so I'm sure they'll point you in the right direction if I have not.
THE CAPS ON THE JACKS ON THE BACK ARE BLACK.