This is guesswork;
One of the knobs is probably a lowering speed control, i.e. it controls the rate at which the implement actually lowers if/when you push the position lever all the way forwards quickly. The general guideline for this is 3 to 4 seconds from full raise to full lower, it is primarily to allow ground engaging implements to enter the soil gradually - i.e. not just DROP.
According to how your hydraulics actually works you MIGHT be able to eliminate the bucking during transport by closing this valve all the way - but check you user manual on this in case there is an issue with dead heading.
The other knob ?
I don't know, but now I've mentioned a user manual I've realized that you probably don't have one (-:
So, I think you should search for one.
There may be a .pdf version available on-line.
Try ssbtractor.com