Both of these can't be true, if your throttle is supposed to output 4.8v according to it's documentation.
If it is only supposed to output 3.2v (at max throttle) then it is working correctly.
To know which is true, you'd have to check it's documentation (if there is any, very rare) to find out it's normal operational outputs.
By "got it all plugged up", what specificaly and exactly do you mean?
What is your exact wiring setup, wire by wire, from it to everything else? Post an image of your drawing of the wiring you have actually connected (not whatever diagrams you have that tell you how to connect it, but how you actually have verified wire by wire that it is really connected--it's very common to have differences between these that make it not work).
What exact parts do you have connected? Links to the actual pages you purchased each one from will help us help you.
What voltage is your battery at? (measured, not just what it is supposed to be)