Well, I always thought that the second knob was actually an additional foot – an elephant foot I believe – which can be used to replace the existing “pointy” foot. On both of the gauges I have had, these two parts were interchangeable, and indeed they were interchangeable between the gauges, so I now have 4 feet for my remaining gauge.
As far as the two plastic bits are concerned, again, my understanding was that they are to designate limits, eg tolerance limits.
No doubt someone will now put me right, but, I do find it convenient sometimes to use the broad, elephant, foot on round work which is perhaps slightly rough. The gauge then gives a smoother reading, whereas the pointy foot bounces about all over the place.
Regards,
Peter G. Shaw