Hi, I have most of a couple of these things and I found out real quick that the electronics is, like the rest of it, rather fragile and short lived.
I found that the receiver is no great shakes to replace, pretty much any rx/ 4 channel receiver can be made to work O.K. with the "four in one" box, BUT the four in one box can die in the most interesting ways... Mine (when I accidentally put a connection to the receiver in the wrong way round, doh!) started doing exactly what you describe, It apparently worked on occasion but didn't most of the time. It was also very sensitive to how many, and in what order, the leads were connected.
I was lucky enough to win the core of a skylift with good electronics, so as I could mix and match,for diagnostic purposes, whilst my 4 in 1 was performing it's dance of death, and subsequently was able to verify that I could use a couple of different receivers to fly my skylift, with the new unstuffed 4 in 1.
As someone has already pointed out, a new 4 in 1 box is 30 to 40 quid, and when you get a new one you still have the same lack of quality to contend with, SO, I got seperate components and am currently building a second skylift using a couple of esky esc's a heading hold gyro from ebay, and an "elevon servo" mixing lead. I also will be using a 8 channel receiver (so that I can add a tiny winch and some switcheable lights later...)
Early indications are that this lash-up works as I expected, but I need to get some "balance bars" and tidy up the wiring before I can try and fly it...
Then I will be looking for some busted servo's to cannibalise for the electronics, to fabricate my winch...
Cheers, Steve C.