I have a couple of PS1 engines that run just fine.
But what is a PS1 repair chip?
Is this something I should have in my tool box for future use?
PS-1 Reset Kit is 50-1023 and pictured here. I guess the main culprit to the Clangs of Death is a bad battery. You pull OUT the PS chip with the chip puller. Replace the battery and INSERT the reset chip, follow the instructions. Then you replace the original PS chip.
An interesting note side note... Since it is believed the OP's problem is the engine is stuck in reset, here is the last step in the in the instructions...
11.) If the engine still will not leave RESET contact MTH Service. If you have any questions during the use of the Force chip, contact a MTH Service Technician, 410-381-2580.