My previous boat was a 23'' Balboa/Laguna Windrose. They changed the name somewhere along the way, but am sure they are quite similiar.
On my boat, the
winch/cable allowed the swing keel to swing down until it was fully extended. You knew it was all the way down as the cable would go slack.(i.e. no more weight on the cable). However there was a position just before the keel was fully extended, that would allow you to slip a bolt through the keel trunk into the keel and out the other side to lock the keel in position. It was my understanding that this was important as if the boat was hit by a heavy gust or large wave, the keel could swing up which would exacerbate the loss of stability.
Also, without the pin in position, the cable would "sing" when the boat got up some speed.
When retracting the keel just crank it up until you can''t crank it anymore...it''s up!
It''s important to inspect the cable as if it deteriorate''s and breaks it''s almost impossible to get your boat back on the trailer with 600 lbs of iron hanging 5'' below your hull.
Hope this helps.
Jim