Here are some pictures of the hand throttle in the white 94 VX
It serves several functions:
Most important to me is it allows me to rest my right leg and ankle by letting me perform the throttle duties with my right hand .
It also allows for manual cruise control on long trips, but allows better MPG by working almost the opposite of a regular cruise. When you are climbing a hill you want to feather back on the throttle in order to use as little fuel for climbing as possible and gain speed as you go down the hill when gravity allows you to gain speed while using less fuel. A regular cruise control will use more fuel to maintain your set speed as you climb and let off the throttle as you go down hill.
The last benefit of the hand throttle for me is that with practice, my hand is much more precise with feathering the throttle in all conditions and can net better MPGs.