Newbie needs help with terminology

On the three-point, what do the position and draft levers do?

There is one called "response".

The PTO shift lever appears to have 3 positions, am I mistaken; what are they?

I'm initially hesitant to operate stuff, with a large Ransome mower mounted on the back, until familiar with it.

The position lever is exactly as the first respondant told you as well as the draft. I have found that I use the draft on my MF when pulling my flail mower and it keeps the thing from digging into the ground where it's uneven. Place your draft control lever ALL the way to the UP position and set your position control lever down to where you want it. If you drive over uneven ground and the mower starts to dig in, the draft will automatically raise the mower slightly and help it not scalp the ground so much. As soon as the mower is out of the dirt, the draft will let it settle right back down where you had it. The movement is so small that you won't see it most likely.

The response lever determines how quickly the the draft reacts to the over-load it encounters. Too sensitive and the plow will jump up and down at the slightest load. Not sensitive enough and it will let the tractor bog down before it reacts to the increased load.

On a MF 35 center position is off. Down is ground speed and up is constant PTO speed tied to RPM. Ground speed is for driving implements like a planter. Up for bush hogging.

Position controls the height of the three point. I'm a little vague on how draft works but you can search the archives and find information.

The industrial strength mower on the back is dangerous. Never let anyone get within 150 feet of the mover. It will cut and sharpen and throw a beer can at a zillion miles an hour. Never step on the deck. It will also sharpen a weed and throw it like an arrow. Lock the brake, disengage the PTO and let the mower wind down before getting off the tractor. More than one person has been run over by his own bush hog. Not a pretty sight.

Have fun.

Bill Stanley