question Zetor 3340 Quicke Q720 Loader 1995

Robertzetor3340 said:

Q1: What is this for/do ? (see picture)

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The lever is called the reaction speed lever. It regulates the amount of oil flow to the hoist or the lifting cylinder.
So whether the hoist can lift quickly, slowly or not at all.
In the hoist control types M and D, it controls how strongly/quickly the hoist should react to impulses from the top link.
Hence the somewhat unwieldy name of this lever.

The lever has no influence on the external oil connections.

Robertzetor3340 said:

Q3: There is another Lever showing 3 positions “D”, “M”, “P”.
What does this Lever do ? (see picture)

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Your Zetor has the “Zetormatik” hoist control.

P = position control = you set a hoist height on the position lever and it holds it, so it doesn't regulate anything.
Good for mowing, turning hay, swathing hay, mulching, ...

D = 100% upper link control = depending on whether the upper link is pushed or pulled, your lifting gear can raise or lower itself slightly.
Good for plowing on very different soils. So for very difficult soil cultivation.

M = 50% upper link control = depending on whether the upper link is pushed or pulled, your lifting gear can raise or lower itself slightly. But not as much as in D. So it's a compromise between D and P.
Best option for plowing or heavy cultivation.

In ALL control types, the hoist can always move freely upwards. So the hoist cannot push. You could call it floating position, in all 3 control types P, M and D.

Robertzetor3340 said:

Q2: Have not been able to find info about the 3 point-hitch, which when raising up and down moves only about 3 inches total.
How do I get more up and down 3 point-hitch movement ?

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Why dou you not buy a instructions book for your Zetor model?
Or simply use the one from Zetor 5211 to 7745 Turbo as a alternative and free to download PDF:

I mean this one: https://www.cals.cz/zetorservice/files/1/NEW/PDF/OLD/UR_I_5211-7745/UR I 5211-7745 GB.pdf