Re: '72 1150 merc. no throttle response
Before you start adjusting things, take a moment to figure out which "lever" is which.
If your questions about levers are those at the helm controls, you should have two levers. The larger one sticks straight up when the motor is in neutral. Pushing forward on it shifts the motor into gear, and -then- advances the throttle. Pulling back on it shift into reverse, and -then- advances the throttle.
The little lever next to the big one is normally not raised at all, and is used only to assist with starting the motor. It advances only the idle speed and does not shift into gear. Some controls don't have that lever at all, and have a button to disengage the shift mechanism instead. Either way, its a way to increase the rpm while attempting to start, leaving the gearbox in neutral.
Back at the motor, as Eric mentioned you need to disconnect the throttle cable before adjusting any of the timing/throttle settings.
Make sure you have the throttle cable hooked up properly... it is not uncommon for people to hook up the shift cable and the throttle cable bass-ackwards. The shift cable is the first to move when you move the throttle control lever at the helm.
The link 'n sync is not too hard, but can be confusing for the first time. Before adjusting anything, ask questions if you're in doubt.