PTO not working

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I have inherited a 1954 or 55 IH 300 McCormick Farmall with the wide front end. When I first began using it the PTO ran all the time, and I could not turn it off. I was using a shredder and after it began to shear pins, I took off the shredder and now the PTO does not engage. It has the lever on the right side that is supposed to engage/disengage but when it is moved it acts as though it wants to engage but does not. I found a screw adjustment under a small cover on top of the housing above the engagement lever. Moving these does not have any affect on the PTO either way. It sounds as though it is growling inside and I am worried about tearing something up inside so I have not driven it. Any help or opinions on how to correct would be appreciated.
 
May be out of oil. The PTO unit holds 2 quarts of Hy-Tran oil. May also just need adjustment. You need a service manual to go by for the adjustments. The I&T manual Number IH-10 has that info in it. May also just be shot. I would start with the oil, then adjusments, and see what you have.
 
Even after I had my live pto adjusted perfect according to the specs, it would still keep spinning slowly, but I could stop it with my hand.
 
I have checked the oil and have added as needed. I have not been able to do any adjustment on it, the set screw on the adjustments are rusted tight. I will need to get them broken loose to do the adjustment. I can also stop the PTO spindle with the hand when it turns. I do not have a manual for the adjustments. It was working very well a few days ago when it was fully engaged.
 
The handle and linkage needs to be adjusted as well. That is where the braking adjusment comes in. That round thing hooked to the lower end of the handle is threaded, and needs adjusting from time to time.
 

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