Jon, I have a similar Bantam, in original condition, but mine is 3 phase. On the front of the lathe below the suds tray there is an electrical enclosure with a red emergency stop and to the right of that is a 2 position switch one position points to a red square and the other to a blue square corresponding to the 2 blue and red speed ranges shown on the plate. Mine still has an original 2 speed motor and is connected to a Transwave phase converter so I can use both speed ranges. Once the main motor is running I can also use the suds pump.
If yours really is an original single phase machine it will have a single speed motor, and the 2 speed ranges will not be available to you, and I imagine it should have a different speed range plate fitted so you know what the speeds are. They may not be either the blue or red range.
The Bantam manual clearly states, 1ph single speed motor or 3ph 2 speed motor.
As far as the joystick goes, it does have 6 positions, I rarely move mine as it is set to the finest feed rate, and they can stiffen up, try some maintenance spray around the lever and also try moving it when the main spindle is gently rotated back and forth by hand to help the gears mesh.
Chris Gunn
Chris Gunn