Re: Is this a one-valve receiver?
Almost certainly a model control transmitter, as others have said!
Bang-bang systems were simple and cheap, and most importantly, lightweight, in the era pre-IC's.
With clockwork escapements giving centre-left-centre-right-centre etc, the response time would have to be fairly rapid, if you wanted to steer left and the last operation had also been a left steer, you'd have to press-release-press to cycle through 'right' quickly enough to not steer significantly right before ending up with the desired left steer.
I'd therefore expect that LT would be left 'on' all the time, and keying would be by interrupting the HT.
There's 6 leads, which (assuming there weren't more and one is missing) would be LT + and -, HT + and -, aerial, and either key, or ground (the operator via the handle?).
If you can trace the circuit it would be super!
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