Oh Boy!
Yes, The big nut remaining is the one that removes the stem.
The smaller nut you already removed is the packing nut...
Now the reason I said Oh Boy....
That tub and valve is out of the 1930's...
The design hasn't been used since that time...
The Tub, Mixer, and Drain are all integral in this design. If you do not have success are you ready for a bathroom remodel?
If you need parts (stems & seats) they could be very difficult to find and the rest are impossible to find.
I would suggest
New York Replacement Parts A Complete Plumbing Supply Company as a possible source and they also can custom machine them for you for a price....