Why not take the gear box off and clean it up so you can see what is wrong. It is not that hard. Remove the big nut that holds the steering arm on, then support the bottom of the shaft with a heavy bar, then drive a big chisel in between the arm and the frame to pop the arm off the shaft. Then remove the two nuts at the bottom of the gear box and left it out. It is quite heavy so a hoist would be good. The shaft is in two sections with a coupling, the key may have sheared in that two!! There are alot of those old machines around so parts should not be hard to come by.
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