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Hi and Welcome to the forum Muggs001!!!
Great pics and descriptions!
Yes,I believe that’s the hole where you would insert the pin (#4). You would need to push the let down key ‘all’ the way in so
that lever you show (#1) moves over and then give the key a little winding pressure while gently pushing on the pin to release
the click. If the spring doesn’t want to unwind then It may either be broken, may have come loose from the arbor or is just grundgy
and doesn’t want to slip and unwind. If it’s sticky then you may need to unwind it with the let down key. This will usually
work but sometimes just causes the arbor catch to spin clear of the hole in the spring.
If you want to check the setting mech. try pushing that tab (#2) in and then insert the key (don’t push it all the way in) and try turning to see if the hands turn.
Please let us know if this works….
Enjoy,
Bob