The levers on the back are indeed high/low and forward/reverse on the feed. Unless you buy an auxiliary toolrest to turn wood, you should not need to use the high speed, it is simply too fast for most metal work. The feed should be in forward, if you want to automatically feed toward the chuck, and in reverse if you want to automatically feed away from the chuck. It also has a neutral setting, which will stop the leadscrew from turning for whatever that's worth. The dial over the 16T is a thread engagement dial. You will notice that it turns when the carriage engagement lever (immediately to the left) is up, and the carriage is not automatically moving. If you engage the carriage feed (push this lever down) then the carriage will move, but the thread dial will stop. When threading, you must stop this on a particular number so that the tool will cut in the same groove to deepen threads. If you always use 1, then it will generally work for any thread that you have set by swapping all of those plastic gears. Some threads will work on several different numbers, and some won't. Hope this helps.