Okay, very good, you removed the lens from the body, so the body doesn't get contaminated with fuids you use on the shutter.
It's correct that the left end of the lever sits flush against the cocking lever as long as the shutter is not cocked. I will try to explain how the speed geartrain works, I hope my english is good enough.
If the lever circled in red works correct, the pin of this lever near the yellow mark should move all the way inwards if you cock the shutter because of a little spring inside of the speed train. You can see this little spring in my second picture from the bottom side of the speed train. If you now release the shutter, the cocking lever presses against the left side of the red circled lever and moves the yellow pin of this lever outwards. So the yellow pin of the speed train lever is pushed from inwards to outwards by the power of the cocking lever. The yellow pin is always pushed completely outwards. During this travel of the speed train lever, the gear train provides resistance because of its high gear ratio and inertia. If you set a faster speed on your speed cam, the yellow pin of the speed train lever does not travel all the way inwards anymore If you cock the shutter, because it hits the speed cam. So on a faster speed the yellow pin of the speed train lever does not have to move from all the way inwards to all the way outwards anymore, but instead it only has to travel from e.g. halfway inwards (where it was stopped by the speed cam) to all the way outwards by the power of the cocking lever. Therefore, the movement of the cocking lever is not slowed down as much as before and the shutter action is faster. If you remove the speed cam, the shutter automatically sets to 1s, because the speed train lever can travel all the way inwards and is not stopped by the speed cam.
So If you removed the speed cam, the neutral position of the yellow pin, if your shutter is cocked, is all the way inwards and the pin should travel all the way outwards if you release the shutter.