Alright, in order - the boost is only used when the GIVE button is engaged - in which case it incorporates boost and uses the master just to the right of the button. When GIVE is not engaged, the master on the far right is used and boost is disabled.
I gigged with an early MB2-500 for many years that eventually was replaced by GK with a later model that I believe is essentially just an MB-500 by a different name. My thoughts on the GIVE circuit are as follows:
While I have always loved the boost feature on my RB units (you basically forced to use at least some boost on those RBs), I never bonded well with that channel on my MB. Allegedly they're the same circuit and should be doing the same thing - adding a bit of harmonic complexity to the signal along with a bit of natural compression a-la tubes (Gate Induced Valve Effect), but in reality it just seemed to go to fuzz too quickly for me on that unit, and squashed dynamics a bit too much for my taste. YMMV