1974 Slant 6 Holley 1945

Dead cold, that looks correct to me. As soon as the engine starts, the vacuum "pot" (item in the lower part of the 1st picture) will pull the choke open a certain amount (that is specified in the choke adjustment specs). If you then kick the throttle, the stepped cam will move, and the fast idle screw will hit/sit on a different step.