I just tried this with a very similar looking Copal shutter (like yours it has the two aperture scales, probably originally for a convertible Symmar), and there is a little detent between the two positions of the preview lever. Pushing the preview lever to this detent moves the blades a little but doesn't open them. I don't think this is a real setting for anything and would avoid it.
Carol Miller Flutot's camera repair does great work on shutters.
Okay, so a bit more background on this before continuing.
When I bought my camera, it came with a Rodenstock 210mm f/6.8 lens mounted in a Copal No.1 shutter. I found a good deal (or what I thought was a good deal) on a Schneider-Krueznach 210mm f/5.6 also mounted in a Copal No.1 shutter (albeit an older one). My intention was to sell the Rodenstock lens to help recoup the costs of the Schneider, but unfortunately the shutter in the Schneider stopped working. It's this shutter that this post is all about.
I've priced out repair costs, and they seem awfully high for something that I was planning on recouping the costs of. So, I'm taking the opportunity (and cutting my losses) to try my hand at fixing the shutter that came with the Schneider. I swapped the Schneider optics into the shutter that came with the Rodenstock, and that all works wonderfully (aside from the aperture scale being off) so I still have some higher quality glass to try out.
I've gotten the front plate of the shutter off and verified that there is nothing loose rattling around inside. I take this as a good sign because hopefully that means that something is just misaligned or out of place; I was worried that something had broken off and would need to be replaced. After I reassembled everything I tried firing it and the shutter blades moved a smidge but still didn't open. I can't recall if they did that before or not, but I'll take that as a good sign because at the very least nothing is more broken then when I tried.
I can't do much more than that without a different screwdriver: all of the screwdrivers that I have that are fine enough to remove any of the internals are much too narrow and would most definitely mar the screws.
I'll try to post some pictures later tonight.
Find any shims?
Don't lose them if you do
Tin Can
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