Code
> Timer facing east
^ Timer facing north
# Toggle latch with the torches facing north/south
+ Wire
R Reactor (or reactor chamber)
R
+
++
>#+
+^
Set > to the operational time and ^ to the cooldown time.
While > is spinning, the wire going to the reactor should be off, and vice-versa - if not, right-click the toggle latch to invert.
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No frills, only using 2 timers and 1 toggle.