My expectation of how it works is a follows:
The lever next to the square block locks the ring to the table. The other two levers just in sight lock the table solid. In use you lock the table, release the index ring, rotate the scale round to the right anticlockwise until the block hits the bronze pointer, lock the scale, release the table, (not sure about this next part) press the spring plunger to withdraw the catch and rotate the table plus scale ring to the left (clockwise from above) until your desired index number on the outer scale eg 30 appears under the bronze pointer. Repeat. A little tedious but not intended for a full circle of holes.
I am a little puzzled about your explanation that the big lever near the spring detent moves the plunger. I would expect it to select between the two numbers of index holes while only the sprung lever operates the detent and it , or something else, should be provided to release then lock the hole plates to the main table. This being necessary to set the zero to the job then re-zero the indexing part way round. Why would there be both a big lever and spring lever if they both only withdraw the locking detent?
My expectation of how this is intended to operate is to say, drill a hole, index round and drill a couple of holes on a 60 division, then one at a 30 division, then re-zero and drill a couple at a 14 division. I don't know why you would do this very often but that's why this unit is not that common. Plenty of conventional indexers around for run of the mill jobs.
Elliott re-badged a lot of their products so I would expect this item, though unusual, to appear in a grey livery probably from some other 'maker' in the USA. It is a rare occasion when a post on the PM forum might not get snarly comments.