I'll take a stab...
The in/out depends on how the cooler is mounted. I believe you want the pressure side at the bottom and return at the top.
Not sure there is an industry standard but, in general, the knob is pushed in for the default / operational position (e.g. Throttle, mixture, carb/cabin heat).
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Ray
RV-7A - Slider - N495KL - First flt 27 Jan 17
O-360-A4M w/ AFP FM-150 FI, Dual PMags, Vetterman Trombone Exh, SkyTech starter, BandC Alt (PP failed after 226 hrs)
Catto 3 blade NLE, FlightLines Interior, James cowl, plenum & intake, Anti-Splat -14 seat mod and nose gear support
All lines by TSFlightLines (aka Hoser)
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