A longer explanation of the completed clock module is forthcoming.  A brief technical description of the module is available in the PDF of the schematics.  For now the module:

• keeps track of the state through transitions using a d-latch connected as a clock divider
• switches between states using a single push button.
• sends a momentary power on reset signal
• accepts a high signal which when held high, the clock stops ( and holds it's state)
• does not use a NE555 Timer.

This is done with only 3 chips.