The second is something weird about the post the minute wheel rides on.
This watch is an example of Elgin's "Sun Dial" make. It doesn't say Elgin anyplace on it, although its serial number falls in line with Elgin production records.
Sun Dial is one of a handful of brands Elgin used for lower cost watches. There are parts-interchangeable, mostly, with like Elgin branded watches, but the finish on these is crude.
I resolved the issue the issue by forming a little spring out of wide steel and inserting it so as to press against the setting lever spring, right behind the tab, tucked in where it can't go anywhere.
One of the most basic rules of watchmaking - never do anything to a watch that can not be undone.