I've never used one of them before. But I did find the schematic on BAMA:
http://ftp://bama.edebris.com/bama/palomar/500/500.pdfIt appears to me that it works like other bridges. Put the one switch in the SWR position, put the other in the FWD position and turn the cal/SWR set/whatever it's called knob for full scale. Then switch to REV and that should be your SWR.
The AM monitor appears to just be a little diode detector. If you plug a set of cans in there, you should be able to hear your own AM audio. It won't work for SSB or FM.
I hope I've helped and not sent you too far off.