The way I used to tighten the spring drum was to: 1.  See that the spring cord wasn't wrapped up in the escapement or some other mechanism down below; 2.  with a small screwdriver, push on the little sawtooth wheel just a little so you could get a little bit of tension to take up enough slack so the cord wouldn't impinge on any other mechanism; 3.  adjust some more, try the carriage, and see if it spaces well enough toward the end--you don't want to get it too tight--otherwise you may not be able to return the carriage all the way, and you might chance breaking the spring on the inside of the drum.  Good luck.

First, you'll want both--make sure the drawband isn't in the pathway of some other parts of the machinery.  Tighten just a little and let the spring drum take up the slack gently.  After the slack is taken up, continue pushing the sawtooth gear with the screwdriver to let it continue tightening.  Naturally, you'll have the carriage all the way to the right hand side of the typewriter to expose the spring drum on the left.  The drawband on this particular typewriter goes from the top and winds around down on the left hand side.  This is the only direction where you push the spring drum where it will take up the slack.  You'll have to try different intervals to see if the carriage spaces correctly and at the same time not be too hard to return.  You know you've tightened it wayyy too much if you tighten it to where you can't move the sawtooth wheel any further.  You do not want to get to that point.  If you find you have gotten to that point, all you have to do is to work the lock lever up and down to slowly release the tension.  This is a sort of primitive escapement mechanism, which brings me to the topic of its position--either way is ok.  Just make sure that the tooth holding one of the sawteeth is all the way in.  Let me know how you come out.

Hey TypewriterKing. Just wanted to say I was able to restore tension to the machine, and it works swimmingly! Many thanks for all of your assistance!