The red hazard switch on the center console is a wire path for the turn signal/ flasher circuit. Under the center wood console just forward of the shift lever is the actual module that does the cycling of the light ( the flashing)

So. If the lights work but don't flash correctly. On both or either side, then it is the module under the wood trim. If one side does not come on at all or is screwing up is is the hazard switch that is on the center console.
Turning on the hazard switch turns on BOTH sides of the turn circuit through the flasher so they "flash". Turning on the "turn signal" only uses one side of the 4 turn light installed in the car, left or right.


Flasher, or the "turn signal relay"

http://catalog.eautopartscatalog.com/mercedesshop/sophio/wizard.jsp?partner=mercedesshop&clientid=catalog.mercedesshop&baseurl=http://catalog.peachparts.com/&cookieid=1YQ0V8DMP1YQ0V8HLW&year=1982&make=MB&model=300-TDT-001&category=P&part=Turn+Signal+Relay

Hazard switch

http://catalog.eautopartscatalog.com/mercedesshop/sophio/wizard.jsp?partner=mercedesshop&clientid=catalog.mercedesshop&baseurl=http://catalog.peachparts.com/&cookieid=1YQ0V8DMP1YQ0V8HLW&year=1982&make=MB&model=300-TDT-001&category=P&part=Hazard+Flasher+Switch


Dave

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1970 220D, owned 1980-1990
1980 240D, owned 1990-1992
1982 300TD, owned 1992-1993
1986 300SDL, owned 1993-2004
1999 E300, owned 1999-2003
1982 300TD, 213,880mi, owned since Nov 18, 1991- Aug 4, 2010 SOLD
1988 560SL, 100,000mi, owned since 1995
1965 Mustang Fastback Mileage Unknown(My sons)
1983 240D, 176,000mi (My daughers) owned since 2004
2007 Honda Accord EX-L I4 auto, the new daily driver
1985 300D 264,000mi Son's new daily driver.(sold)
2008 Hyundai Tiberon. Daughters new car