Hey guys,
I had already tried adjusting the nut, but what fixed it was what Gav mentioned. There is a screw at the base of the coil plunger that acts as a stop. I adjusted the disc to position 2, moved the disc to the exact location of Player 2 and then tightened the screw below the coil plunger.

I can now play a two player game on Hot Tip without it to skipping to Player 3. What a huge journey this has been. Time to give the game a clean up, new rubbers and then back to the owner.

My next project......Captain Fantastic!

Thanks again!
Adam.