Thanks for the advice! It worked!
This thread is over five years old, but I wanted to express thanks in helping me figure out how to fix my out of adjustment “clickety-clack” take-up lever. I never would have thought to loosen that screw to help in making the adjustment!
I found my black long bed 301 in its original case and with all original attachments for $10 at a secondhand store. Help like this has made getting her up and running more of a fun problem-solving puzzle than a frustration. Thank you!