The 'torpedo pin' is the table knock-off plunger which, when pushed down by the (adjustable) knock-off dog on the front face of the table, throws the table auto-feed out of engagement, by turning the black-knobbed lever. Sorry, can't remember what the screw does.
Most of the M1 saddles I've seen have had the table feed lever supported by a cast-in boss on the saddle, not by, as yours seems to have, a bolted-on plate. The knob's shaft also sits near the bottom of the saddle, whereas yours seems to sit nearer the top (perhaps perspective distortion by the camera?). A late variant has the table dog bear directly on a pin sticking backwards from the hand lever, which is of flat section, and supported by a bolt-on plate.
Because of these differences, I think that your machine is actually a 'Junior' – just a little smaller than the M1. Am I horribly mistaken (it has been known – according to my wife…)?
Edited By Kiwi Bloke on 11/01/2020 23:27:09
Edited By Kiwi Bloke on 11/01/2020 23:30:44