Engine no. 4 has control axis flipped, i.e. when 1, 2, and 3 are at idle, 4 is full (and vice versus). I went into Set-up => Joystick and reversed the axis, after which it worked correctly (moved in concert with the other three throttles). By the way, the reversed axis included the visual representation in the cockpit, as well as the actual power settings.
PC: PIV 2.8 GHz, 512 MB memory, 64 MB GForce 2MX
Op. System: Windows XP Pro
Controls: TM Cougar.