It sounds to me like the problem here is that the numbers inside the red dial are rotating!
The disk with the numbers should be static, and the red tick on the outer ring should indicate the selected ISO/ASA.
In the above photo, this Electro is set to ISO100.
In the event that the disk with the numbers is spinning, set the ISO outer ring as far as you can to Counterclockwise. That will be ISO 1000. Then rotate the numbers so that 1000 is lined up with the indicator notch and tighten the screw that holds it down
If that doesn't work, or the disk won't tighten down, you can use the disk as a visual reference, set it for 1000 or 32 then count clicks till you get to the setting you need. Ask me how I know how to do this
If you have time and budget to spare, I would also reccomend giving Russ at Camerarefurb.com a buzz and see if he can CLA it for you. It's typically around $60 and will do your Electro a world of good.