Yep, that's the original 'cruise control', like BryanJ mentioned: I like mine.

They disappeared in the K3 bikes, outlawed by the US DOT then (which was later 'modified' to be legal, anyway).
The screw's tip meets that deep dimple in the curved spring to hold it in the lower groove of the switch housing: that both locates the spring on the thumbscrew and allows the screw to adjust the drag on the throttle grip. (This throttle-control spring is NOT the one in your picture above: it is larger and longer, and nickel-silver colored, fits over that thumbscrew's shaft).
Mine has a steel washer on top of the spring, pressing against the bottom of the housing (outside the housing). Some of them (K1) had a nylon washer between the spring and the head of the screw, too. Lots of those split with use and disappeared, though.