Well... That's a pretty old transmitter. Things may have been different back when that was new. A modern Futaba would work as flypaper2 described, with the throttle on 3, and the channel reversed.

Actually, that may be a Mode 1 transmitter that someone moved the throttle ratchet on. I'm betting the "up/down" stick on the right controls channel 3, right? Shouldn't matter, though.

Maybe the pulse width is different on the older tranny?