It is 'match needle metering' of a sort - line up the shutter speed and aperture setting for the scene, according to the film speed you are using.
You also need to set the film speed ring around the lens to match the film being used.
The meter should begin to center when you have the right shutter speed/aperure setting made.
I have a 7S, and there is no meter needle window visible on top, but it is buried up there, and visible though the view finder.
It is not like the action on my SRT101, where the meter is somewhere on the screen, and you set aperture and speed to match its location.
On this camera you are at the right shutter spped and aperture when the needle is in the middle. A few stops off and you are totally to one end of the scale or the other.
As to the slow shutter button, yes they do gum up. Mine occasionally gets to a state that the film advance winder never wants to stop and acknowledge that the shutter should be cocked, while it has definitelt advanced the film.