I looked in my operator manual and parts manual about the valve that is on the left of the seat.
Parts book calls it "3 WAY VALVE PACKAGE". Makes me think it was an optional item. My 500 does not have one and it does not appear that there ever was one.
There is not much said in the operator manual about it either. No description or anything, just a paragraph.
"If a three-way valve is installed, the valve for the internal system should be closed and the one for the external system opened. The tractor should not be operated with all three valves closed or for long periods with the control lever fully rearward when the override control is disengaged. This causes the pump to work at full pressure with unnecessary wear and heating of the oil."
Without an illustration to tell one which knob is which, I'm not sure how you would figure out which knob does what.
Maybe some Google time might find an image or explanation...
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