Here is a link to a 114OT which went off a while back.
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=200102556049
With a mint example of both the Ulster 114 and the Ulster 114OT Old Timer, I am finally in a position to do a comparison and note exactly how they are different.
This is the standard Ulster 114 from the 1961 Ulster catalog cut:

And this is what my mint example actually looks like:

Minor details may have changed over the years with regular production engineering change orders, but without a representative sampling of a dozen or more knives over the span of quite a few years (1946-74), this is the best I can do.
Here is the Ulster 114OT Old Timer:
Starting with the handle covers, the mold is the exact same mold. The Delrin (Bonite) material on the 114 is blue-black while the material on the 114OT is the familliar dark brown dyed tan Delrin. In fact, the only place the base color can be seen on this example is where the scale has been scalloped to give access to the nick of the punch blade and on the bottom of the knife where it was glazed to the shape of the liners and springs. None was required on the bolster ends of the covers of either knife. In fact, the bolsters are slightly proud on both.
The oval shields (blank on the 114 but catalog shows ULSTER stamped, Old Timer on the 114OT) are exactly the same size and shape on both knives. Evidently the shield cavity was not molded in (allowing the use of one mold for both halves) but was bored into the scale. I say this because the locations are not identical. Close, but about a 16th of an inch closer to the near bolster on the 114OT than on the 114. An artifact of machine setup probably, not an intentional change. The brass cover and spring pins on both knives are in the same locations and same evident sizes. Spring pin is slightly conical and looks spun on the 114 compared to the domed, unmarked pin on the 114OT.
The cover liners of both knives are brass while the center liner of the 114 is brass and the 114OT is steel.
Master spear blades are identical with the exception of the nicks and the tang stamps. The nick of the 114 is 3/4" long. The nick of the 114OT is just under 5/8" long. The tang stamp of the 114 has slightly smaller and less bold type than it's Old Timer brother. A different tang stamp die, but you would have to look closely at both to see the difference. It is not a weak/strong strike from the same die. None of the other blades differ in any fashion, and none are marked in any way excepting the ULSTER over U.S.A. on both master spear blades.
Only one difference remains. Both knives retain their original unbent shackle. When pointing directly away from it's bolster, the outside of the 114 shackle (made from round stock) is 1/2" from it's bolster and widens to 7/8". The shackle of the 114OT (made from rectangular stock) is 1" beyond it's bolster and remains 3/4" wide.
Some of these nit-pickey differences mean nothing, but some may be features unique to the Old Timer version. You'll have to look closely at the examples of both in your own collections to draw any definitive conclusions.
Michael