Not sure if it was designed for a cooler or just storage. The knob is to adjust drag on the steering, more drag helps the wheel from being impacted by the IOs steering torque however with power assist steering this is not really an issue.
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1997 Silverton 362, 7.4 Crusaders
1997 2400 SCR, 5.7 Vortec / Bravo 2
Mike
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