Thank you gentlemen. The knob in fact moves the shaft its mounted on in and out when turned. I actually worked the tractor for the first time yesterday for a couple of hours to get the fresh fluids flowing and there was no change in operation of the valve. On the draft control, that's what I suspected the additional 3pt lever was for, but there is no picture of it in the parts manual I downloaded from here. I've driven many tractors with this control, but never actually used it, as it's for plows and such that might tend to pull downward significantly as you pull them forward and I've just never plowed with one. Much obliged for the video, because I never actually saw one work before! There's a little lever with a threaded rod attached on the back side of the draft control, and I would assume that it would be attached to the implement to sense movement and adjust accordingly. Interestingly though, no amount of manipulation of the draft lever and/or the little lever on the back side of the valve has any effect at all on the position of the 3pt lift arms no matter their position, so I'm thinking the draft control valve isn't working either. Now i'm wondering if the two items (draft control and lowering speed) are related. I believe it might be time to pop the top as the full-fast-drop thing is really unworkable on a regular basis.