Item 160 is the safety valve on my
L3400 parts view, and in the second pic, it's located in front of and below the seat next to the lowering speed valve. It is possible to move the adjustment externally, not that you would ever want to. You have to have it disassembled to attach to a pressure source to test it. I'm thinking the
L2900 is similar in design to the
L3400, although it may not be.
Should be possible to get an
L2900 parts breakdown online if anyone wants to look.
I suppose it IS possible that someone moved the adjustment in the past thinking they were adjusting something else, maybe trying to increase the hydraulic pressure to the 3pt or the main relief valve? If that's the case, if you screwed it in it would increase the relief pressure all right, but only on the safety valve, not the main hydraulic relief. No increase in performance, but a potential problem waiting to happen.
A question for the OP.. have you had the tractor since new? The previous owner may have tried a few things.

Sean