Click type 4 just makes it required to be equiped in order to click it. I have some items set that way and I don't think they get the cool greyed out timer effect. I almost think that the greyed out effect only works under certain circumstances. And I don't mean certain settings. If anything, I think it could possibly be Recast Type. I know that it is used for setting global cooldowns for items with the same recast type, so you can't cast 2 items with the same recast type until the last cooldown you used is reset.
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