To test for the existence of a command line paramater, use empty brackets:
IF [%1]==[] echo Value Missing
or
IF [%1] EQU [] echo Value Missing
The SS64 page on IF will help you here. Under “Does %1 exist?”.
You can’t set a positional parameter, so what you should do is do something like
SET MYVAR=%1
You can then re-set MYVAR based on its contents.