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The knobs are used during Medeco copying and are just turned to be used as a reminder which angle to turn the wheel while you are cutting. They don't "do" anything.
Yup looks like an HPC 3333 key machine The dials on the top are just for reference when cutting old Medeco (Air/Classic) keys. The v-guide/feeler/copy dog and cutter can both be rotated to make left/center/right cuts. Great find! Looks like a very nice machine BTW, found a video made by SE Lock & Key (Jason Meeks)