I think I can answer some of these ... no, there was no cold setting. Maytag felt that all items were to be rinsed in warm water (100 degrees, I think?). No, it's not variable between warm or hot; it's either warm OR hot. Hot was as hot as your tap provided and warm was 100 degrees.
The water level, float, and off balance switch were electrical within the lid and operate on a mercury-switch system.
The narrow black switch is the off-balance switch. When the tub goes off balance, the agitator strikes the switch and shuts off the power. The round button is the water level and the cap on the agitator rises as the water goes into the tub and when the right water level is reached, it trips the switch causing the agitator to start.
Did that help?
OH, BTW ... CONGRATULATIONS AUSTIN! I'm green with 101P envy!!! I'm very happy for you ... enjoy your Maytag 101P with the BEAUTIFUL red gyratator. The gyrafoam method of washing is great!