I did purchase and install the repair kit and all is well now. Thanks for everyone's input. One thing that I wanted to share was that my PHIIC is 3 years old and had a red joker valve. I called Raritan and asked if there was anything different about red versus black. They stated that they were experiencing shorter life with the red joker valves and designed an improved joker valve which is black. Most suppliers should have used up their inventory of red valves (Defender now only sells black joker valves), but just wanted to share what I learned.
Regards - Mike