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I had a Truetone set with that chassis. The lever is for fine tuning.
Mine worked very well after a thorough restoration and was one of the most reliable sets I have had. I ended up donating it to the 20th Century Technology Museum in Wharton TX, run by a friend of mine and his wife. They have it on for several hours a day playing DVDs of 50s TV shows. It is a huge hit with almost everyone who sees it.
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