I assume the adjusting needle you are speaking of is that which is adjusted by turning the "choke knob" (Gas Adjusting Valve) in the car clockwise or counterclockwise? Yes, it's on the same mechanism that does the choking of the car. Pull the knob out and the car is choked, usually used only on cold engine start-up those first turns of the engine before it fires, then it is released, that is, the choke is opened as soon as the engine starts.
The carburetor running mixture adjustment is controlled, a rather neat feature in my view, by rotating the GAV (Gas Adjustment Valve, or choke knob) clockwise or counterclockwise. Rotating counterclockwise enriches the mixture and clockwise leans it out. My engine with its fresh engine rebuild and a new Tillotson Model X carburetor runs best about 1/2 or slightly less of a turn off of closed, i.e., turned counterclockwise off from being run down all the way clockwise. Incidentally, don't turn the GAV "hard" off in the clockwise direction or you could damage the seat on the needle valve inside the carburetor.