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If you see this on the driver side of your 727 TorqueFlite case, it's a '62-'65 cable-operated model ('60-'65 904 baby TorqueFlites look similar). The other end of the cable is connected to the push-button control module inside the car (or a shift lever on console-equipped cars). The push-button control module uses sliding arms with ramps and cams to convert fingertip button inputs into a push/pull force on the cable. The in-out stroke of the cable acts on the valvebody inside the transmission case to affect gear selection. It's a simple bulletproof design that's only compromised by a misadjusted or damaged cable. The circular dial plate is threaded around the shift cable and is used for cable adjustment. Auto industry standardization banned push-button transmission controls on new cars after 1964. In 1965, the cable-operated 727 remained in production for one final year, but it was controlled by a lever on the steering column or by a floor shift on the console. No more buttons.