Correct me if I'm wrong (I probably am), but I believe the N1 Set is similar to Speed Hold. You can use the N1 Set dial and select a level on the N1 gauge, and then (with the auto throttle switch on, of course) hit N1 Hold, and the auto throttle will hold the N1 at the selected level. I always thought the N1 was just a read-out of your engine thrust in percentage. Maybe not...
Yeah thats about right. On some aircraft you can set N1 for take-off, climb and cruise, and the auto-throttle will maintain it. But don't confuse this with IAS hold, that simply governs what speed the auto-throttle has to maintain for the aicraft, regardless of the N1 percentage.
I always thought the N1 was just a read-out of your engine thrust in percentage. Maybe not...
In a sense yes. It's telling you have fast the N1 compressor is rotating... The faster it rotates the more thrust you get! ;)