You will get a bit of lift here, but not much, as it pitches the socket up and down. Probably really designed to get the moldboard plow to nose in more or less, depending on the soil you are in.
There should be an L-shaped strap, with a hole in it, welded to the lower portion of that tube. There should also be a blank stud sticking out of the torque tube, that it slips over to hold it in place, and a hole for a hair pin , or very small lynch pins to keep it on the stud. When placed on the stud, you can remove the upper portion of it, or at least disconnect it from the rocker arms, in case the touch control lever is moved accidentally, and keep it from forcing the pump to bypass pressure.