The picture looks like the "welded parts" could be the splines on the end that go into the clutch, and it appears to have a "splined coupler" on the opposite end (may be welded there also?)
Link to where I found this (DOES NOT WORK ON FIREFOX.. I have to use IE to open any of the agco stuff, says so on their website):
That will open the table of contents for the pony parts book.
I'm thinking if the shaft is pushed all the way in, and it mates with the transmission input shaft like it is supposed to, and the tractor is in neutral. the shaft should spin by hand pretty easily, with trans in gear a bit harder. You may have a broken or stripped splines.. Stripped splines should still get a bit of a bite though. Something tells me that the shaft just isn't hitting onto the transmission input like it should.. I'm not sure what (if anything) in the torque tube helps keep the shaft straight in the tube, and when pulling the engine, it may have pulled out the shaft enough that it came loose of the input shaft allowing it to "move" and now not be in line with the input shaft.
I have a friend who has a "parts" pony hanging around, don't know if he'd sell parts from it, but I could surely ask once you figure out what the problem is.
Hope I helped, don't give up on the project just yet.. Pony's are neat little tractors, IMO.
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