The choke lever was missing on my '48 Cub. I installed a new choke lever a while ago.
I purchased it on-line as an original Farmall Cub lever (?).
It stopped working shortly after.
I discovered that it was slipping on the shaft.
The choke shaft on my carb is splined, that is, it has grooves running along its length.
I'm supposing that's to give the lever good grip on the choke shaft.
But the lever has no splines & it lost its grip after a few uses.
With some experimenting I found that it doesn't grip tightly enough. The 2 legs meet & stop tightening before it has a good grip on the shaft.
Using a fine Dremel wheel, I ran it up the space between the legs of the lever to open that space.
Re-installed & tightened well, it is good now.
Also, I will be more careful in the future when pulling the choke rod.
I notice that the rod both pushes & pulls beyond the range of the lever.
That is, when pulling the rod (to close the choke) the lever reaches full choke position but the rod is still pulling further.
That will certainly tend to loosen the lever.
I just re-read this post.
I hope, with all the 'lever/rod/shaft' references, it's not too confusing.