Just done it. Basically, there are two terminals in the box on the end of the thermostat. The live goes into one terminal. There is a set of points. The one side of the points is on a bi-metal strip. The adjuster controls the pressure on the bi-metal strip, and thus the temperature before it cuts out. As far as I can tell, undoing the adjuster, and releasing the pressure on the strip will give the highest temp.
The other terminal is power out to the one side of the element, there is another set of points on a bi-metal strip. These are not adjustable, so I guess that is the max temp cutout.
Now the Mig has run out of gas. Grrrrr.........