Its definately a cable clutch, under the car you can see where it goes into the transmission. There is also an access door on the tranny where you can access the other end of the cable. I'm not sure how lifting it is supposed to adjust anything. I have 20,000+ on my GT and the adjustment procedure has never made a "click" sound or made any difference in pedal feel.
It is a 2 piece design quadrant from the factory that works like a ratchet design that actually works for a short time(that is why all aftermarket is 1 piece and an adjustable cable).