Let's go again... To be clearer... I don't know exactly why is the switch there, it makes the meter measure one or the other half wave and loosing the other. always you will be loosing half way, the only important thing is when you are measuring something that's already DC (like most compressor CV) so in one way you measure somthing and in the other just nothing. I guess they put it there for something so I let it there.
Note I use an inductor symbol for the meter because I don't found any analog meter in my library.
Well, in the metering range, at the output of the OA you'll have a voltage output, and with a resistor in series it make a current flows, "protect" will (as it name sais) protect the meter in any range you put the trim. So you can have something more than your metter full scale but not tooooo much more or the meter will slam and get damaged. You can use it or not, but if not used be nice when turning up level till calibrated and be carefull to start calibration with trim all the way down (so metter is shorted by the trim) and then go up slowly. This will give a range that's limited by the current limit of the opamp and the voltage range it's excited because the input. If protection resistor is too big you won't have as much range as you will want, so if you want to be sure you can put something around 56K and go lower if range is not enoght. Big steps, don't loose to much time, if 56K donesn't work and meters goes 1/4 way put 10K or lower and see what happens is just to not put 100mA to a 100µA meter. trim it down to be safe before testing and then up slowly again. This trim will be usefull to change to 1mA meter or return to 50µA meter when you want. 10K to 100K trim should work, 10K probably gives you a more usable range if you have 1mA to loose here.
Let R47 where it is so the op amp get stabilized and controled gain, how much will depend on the input connected and the trim aplied to each metering section.
Just ask if I miss something or you want to know something more i can tell you or we can learn together.
JS