You should try to get an exact replacement controller, or nearabouts, if you want a guaranteed result. Indexing valves need a delay between zones, and some of them are better off having a delay of a few minutes duration, and that is not an option on inexpensive modern controllers. Another reason to try to match controllers is that some of them will have a line voltage output, matching up with a line-voltage solenoid.
These old Intermatic controllers are actually repairable, sometimes only needing a replacement motor.