yes the "T" knob is the 'throttle' and hooks to the carb thru the cable which should be pretty obvious when you look under the dash and follow yer eyes thru the firewall to the carb
the throttle was intended as a way to up the idle for running PTO things, as on Johnny's tow truck, or for the warm up you do, or to hold a very slow granny-low crawl in the farm field pickin up the hay bales - VERY unsafe thing to use as a cruise control considering there's no automatic release in an emergency
Bill