hold up there for a moment csd - I think there's a real risk of you doing some damage until you understand some of your lathe's functions better. The lever you mentioned earlier is to change direction of rotation of the leadscrew - it makes more noise in the up or down positions because it's engaging the gear at the end of the spindle. Not a good idea to do it while the lathe is running and nor should you need to. There's another lever on the headstock - don't shift that one under power either! The manual for this lathe is easy to find, have a good read of that and How to Run a Lathe by Southbend first.
These are pretty forgiving machines (I rebuilt one recently so it can't be that hard) but you can rack up some pricey repairs very quickly if you don't know what you're doing and your posts suggest you're right at the beginning of your learning curve. Nothing wrong with that, we all started at that point, myself included, but no need to make all of our mistakes too!