Hi Pete, i've only seen a couple of these myself but the setup is pretty straight forward. When it's in cold start mode the system self chokes and once the engine fires up the air pushes the air vane and disengages the choke. When it's in "hot start" mode there's a thermal coiled sprind insibe the inlet end of the exhaust that once heated pushes the lever on the exhaust side of the engine and disengages the choke thus starting without choke.
Did you get all that....good, now explain it back to me..lol
As for full throttle RPM the tab holding the spring does look like it's pulled forward a little too far and would probably be over-revving. You're aiming at about 2800rpm with these motors.