IF it hasn't been "reconfigured" in the past 40+ years, the valve that's a push/pull "rod with knob" on the outside of/below the main control valves is to enable/disable auto-levelling of the bucket. It works along with a one-way valve in the connected plumbing. If some backyard mechanic has used it for something else, who knows (I have an example of each.)
You can help it with a soft-faced hammer if it's stuck, or you can leave it where it is if it suits you. If it's really good and rusty, you're probably better off leaving it alone unless you are prepared to service it when it decides to leak after you move the rusty bits around....
Float is in the main control valve - shoved all the way forward to detent. Only on lift, not on bucket.
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