I don't know how the emergency extend switches operate (what they do), but it's rather curious, why selecting retract would "out bring" the slats?
The B727 switches were placarded
emergency EXTEND for a reason--their purpose was to extend both the LED and TED to LAND the airplane. Since the slats, on type, must be extended before any flap was extended, the switches allowed for adjustment of TED extension, but always extended the LEDs. No LEDs, clean wing landing was required.