The little rod on the other end of that disk/piston is the actual oil pump. The adjusting screw for the automatic oiler is the one on top of the pump with a jam nut. There are drawings for both the manual and automatic oilers already posted in the McCulloch thread in the Stickys but I'll put them here as well so you don't have to go hunt for them.
From what I'v seen, that adjusting screw has to be completely bottomed out to reduce the automatic oiler output. If your manual works and the auto does not, it could be that someone made their own gasket for the automatic oiler and covered the impulse port. You should be able to see what the gasket looks like in the IPL.
Mark