My preset for TSOR is for the Axe II. I use the phase shifter, as no flanger type or setting (even with negative feedback) produced as realistic a result. Every source I've ever seen states it is a flanger, and I have no reason to doubt this. But I have to go with my available gear and my ears. The III has new flanger types including Spirit Flange and Hemisflange, but I still use the Phaser as it still sounds closer to my ears.
I posted a comparison clip a while back, and have shared it below. The first half is a flanger, and the second half a phase shifter. I'll take a look and see what my phaser settings were when I get a chance.