Just need to make sure I use this right soon. :-) When using the extra maneuver, does the speed 1 mean the speed 1 movement within my current speed? Or a movement that acts as if my ship is at speed 1?

It does a speed one maneuver on your ships movement chart.

For the ET movement you consider your ship as moving with speed 1. Therefor you can use the first column of the speed chart which usually gives you great control over your ship. that's the beauty of ET.

also you can ram twice with it if you are feeling punchy