I also collected this lamp and busy restoring. No generator needle. Has yours got a needle? is it screwed on or part of generator stem? Also, is the big wheel meant to be the shut off valve?
The needle is screwed in, but very fragile/thin. The whole generator reminds me of Coleman. Maybe there's a possible replacement. The big (black) wheel acts as a full shutoff when turned completely right. To light it must be opened half, and to burn the lantern it must be fully opened. The system works similar to the Coleman Quicklite. Halfway opened, fuel saturated air from the tank is used to spray only a small amount of additional liquid fuel into the generator by a small Venturi nozzle. Fully opened the air path is shut off, and only liquid fuel can enter the generator. On mine I also didn't manage to get out the spindle for the valve (as shown in the above pictures). Only the cleaner excenter and its belonging gland packing can be disassembled completely.
If anyone has a diagram or part list or anything on this Phoebus 621 it would be appreciated. Got mine stripped and it certainly is a complex design. The big wheel shutoff valve for example is a left hand threat. Also a loose valve seat, middle of pic, slides inside the valve body. Don’t know how it works.