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Yes the two lift arms are held in position by a blind spline on the lift shaft. It is unlikely (but possible) that this shaft is twisted. More likely is that at some time in its life either one or both lift arms have been removed, and then replaced in the wrong position. Lift arm removal is difficult even if you can get the retaining bolts out of the ends of the lift shaft unbroken and usually involves large amounts of heat, sweat and blood as 50 years is a hard habit to break. If you can get the lower of the two arms off, then rotate it and re-align it. Thinking about it as I type, do you have the two retaining bolts in each lift arm? These should mean the arm will only fit in the 'right' position, so if the bolts are in on both sides, then the shaft is twisted. If the bolts are missing on either or both sides, then you have a clue what to do from the first paragraphs in this reply. Operating the tractor with implements mounted when the bolts are missing is a bad idea. Think safety first.
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