Both levers forwards together until the loading port cover flips up.
Then the short lever back, then the long lever back. There's no option to use both together. It doesn't take long at all, it's all very automatic once you've put a few pellets through it. You'll be thinking about the next shoot while your arms are just doing it.
Load the pellet onto the groove, then push the cover back down - the probe that pushes the pellet forwards to seat it is also the transfer port for the air.
Effort is reasonable. I've read the 2 lever system gives a higher pressure (therefore more fps) than on the 100, for less perceived effort.
It seems they introduced the 2 lever system as people said the one lever was hard to use; then they went back to a single lever for the 103 so they could make it detachable.

I guess my first choice of finish would be to try plasticote... but as all the 100 series guns have exactly the same problem, I've never worried.