89 16' bass tracker w/25 Johnson questions

[xbassman]

I just purchased an 89 16' Bass Tracker Panfish special with 89 25hp Johnson Tracker motor and have some questions I hope someone can answer.
1. Is the livewell in the center of the boat only for your catch or is there a divider where 1/2 is for bait and 1/2 for your catch?
2. When I take the cowl off I can see right into the throat of the carb. I found a loose bolt laying by the carb. and notice the carb has four threaded holes in the front. All this tells me there might be a baffle or something similar that is missing?????
3. Located by the carb. is this round thing with a "red" lever attached to it and some wiring going to and from it. The lever moves or has specific settings. Now the lever is pointing fore and aft. What is this thing and is the lever positioned correctly?
4. I am considering installing an inline fuel filter...good idea???
Thanks for reading and in advance for responding.