First of all, yes, the adjustments can be made with the pump in situ.
The cold start does 2 things, 1 it advances the injector timing slightly, 2 it raises the idle slightly.
When the engine is fully warmed up, the CS lever should be all the way back against its stop. The cable then should be adjusted so there is a little slack , with the toggle engaged.
When the engine is cold, adjust the little ball in its slot so that it pushes against the throttle lever to raise the idle to where you think it should be when cold, noting that when the engine is hot, there should be an air gap between the ball and the throttle lever, meaning that the throttle lever is back against its normal stop.
When you want to time the engine, the cold engine should have the CS arm in the warm engine position, so you turn the toggle 90 degrees and slide it into the slots on the rear half to make the cable go completely slack. When you have finished, turn the toggle back again so the cold start can work properly again.
Hope this helps,
Steve
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