My old Garretts used to balance like that. Yes that knob turns all the way around. When set in the middle, it probably turns all the way around 5-times to the left or 5-times to the right. I'd have to hold the coil a few feet above the ground, turn it on and listen to the tone the detector made. Then I'd lower the coil. If the sound increased, I'd have to raise the coil up and turn that knob a little (one way or the other - I don't remember which) and lower it again. When the sound remained constant, I had the ground balanced. (If you are out of balance the other way, the sound will vanish when you lower the coil to the ground. You want that tone to stay constant.)
Be gentle with that control. If you twist it too hard, and you happen to be at the beginning or end of its' range, you could hurt it. I had an old machine that turned forever to the right. (I was still able to use it, but I always wanted to send it in for repair.)
As you move across different soil structures you will need to re balance it from time to time. (The constant tone will either get louder and stay that way or vanish and stay that way.) So you'll need to raise the coil, turn that knob slightly, lower the coil, and continue doing that until the tone stays the same and you have the ground in balance again.
After you get the hang of it, it's not so bad. After I discovered the newer machines with auto-ground-balance, I never used those old machines again. (The weight factor and graphics had a lot to do with that too.)
The Vaquero sounds like a nice machine. Don't let that one knob scare you away.