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With the engine off look down the throat of the carburetor with a flashlight. Wide open throttle (WOT) occurs when the throttle plate is vertical (straight up and down) in its bore.I STRONGLY recommend that you go to your local library or bookstore and pick up one or more basic books covering automotive engines and various powertrain components and how they function. SA Designs publishes some excellent references aimed at automotive enthusiasts and basic automotive education. Look through the appropriate sections of the 1975 Repair Manual and 1975 Wiring Manual to increase your understanding of your truck. You will need both references as you restore your vehicle.
If I remember right, on small engines, the actual throttle position is controlled by an air governor off the fly wheel. You try to floor it but the air governor keeps the engine from self destructing from over reving.