OK Jonathan, I'm assuming that as you are posting in the steam section you are asking about a steam engine? You need to fit a proportionally controlled servo to the steam control valve so that you can control the speed of your engine. It sounds to me like your servo is connected to an on-off channel so it needs to be connected to a proportional channel and, as even two channel radio sets have two proportional channels you should be able to set one up for engine control and one for rudder.
Depending on what type of engine you have then determines whether you require a servo for changing from forward to reverse. If you have a double acting, twin cylinder oscillator one servo will do but if you have a slide valve engine you will need to operate the third servo with an on-off channel.
Let us know a bit more about what you have, preferably with pictures.