Hi All,
I wanted to post a reply/update to this in case anyone else can ever benefit. The problem we were experiencing looks as though it was caused by another issue that needed to be repaired as well.
The bracket I refer to above does indeed need to point up. However, one of the metal hard lines for the steering system was in the way. Upon further inspection, the hard line itself was bent down farther than it should be from the weight of the fuel tank which was pressed hard against it. I was able to lift the tank a little (after I took the fuel out) so there was some play there. The fuel tank bracket on the front sagged down a bit so I thought that might have made the tank lower itself. The steering column also had a ton of play in it (not sure if this contributed to the issue but it was pretty bad. The bolt holding it down on the driver's side was about 1/2" out and just spun in both directions. I pulled the fuel tank out (that's a project for someone without much experience) and started fixing the column and then the bracket. I also noticed that I had plenty of space above the tank so I installed new bushings under it and added a 1/2" spacer bushing. The bracket for the hand throttle immediately popped up into the correct position when I pushed on it a bit and worked as expected. When I put everything back together (after a little paint and rust work) it runs like a champ. I have maybe 25 hours on it since I finished that work and so far no trouble.
Thanks for the advice and good luck to anyone who has to pull their fuel tank. That was a pain for an amateur. I'm sure there are experienced operators that can knock that out in no time but I was cursing more than a little, haha.
You can see in this image, with the tank out and the hard line moved slightly, the hand throttle bracket operates just fine.
This is completely unrelated but since I had the tank out I gave it a coat of paint and figured I might as well treat the rest of the machine to a little something so I started with the cab forward. I'll get to the rest this fall.
Obviously, it's not a high-quality job but it'll help me get a few more years out of the machine and my wife isn't as upset about it being parked where people might see it when it looks presentable.