I am having a similar issue with a Rottendog replacement... opto's seem to be working in test with credit card (used for testing) but clock is not. It will pick up on the 0, 15, 30, 45 no problem but will jump back an hour on the hour optos for some reason. I havent solved this yet but what Ive found so far:
As stpcore mentioned - recheck both molex connectors.
also make sure that little pin that goes inside the hand of the clock is in the right position.
How did you check the optos? Just with a credit card or something?