noise in MH Pony clutch area

1948 pony. Push the clutch in the grinding noise stops. Let the clutch out and the noise begins. Can anyone tell me what I may expect when I split it and where to look? Thanks
 
PICS. from 1949 OPERATING AND SERVICING INSTRUCTION MANUAL.
MANUAL 650 534 M2.
Bob.............
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Does it make the same grinding noise when you are driving the tractor in any gear? If so, I would say maybe the transmission input shaft bearing is bad. If it only makes the grinding noise in neutral, maybe your shift linkage forks are out of adjustment? Just guesses here, I've never owned a Pony! Good luck!
 

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