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There is only really one "throttle" the hand lever and pedal are interconnected so the lever basically depresses the pedal to actuate the single cable that runs down to rotate the governor bell-crank. In the end though, a mis-adjustment of the throttle or the high speed stop on the governor...

Well lack of pedal travel or pedal not rotating the governor bell-crank to the high speed stop, would = not reaching full speed. They call it a throttle, but a more accurate description is speed selector. The pedal tells the governor what RPM to run at, the governor controls the throttle/fuel...

Last I recall, Sean "turned up" his 3116 by replacing the governor, turbo and taking it to Cat to tune it to the 290HP spec... Yes, you can make some adjustment to the aneroid valve setting on the governor to make it a little peppier, but in the end the 290HP engine uses a different governor...

Probably the biggest advantage is not running the engine at full RPM just to maintain normal highway speed... This is good for a few MPG...