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We have a MH50 with a Z134 Continental engine. It's a close relative to what you describe. 400 hours ago on a 7000 hour engine we had a pump shaft failure like what Lucas describes. But we fixed it with a repair kit from Central Tractor and it hasn't been a problem since. This was up in northern Minnesota in the winter. We used 5W-30 oil after that in the cold months and have not had it happen again. We later went through the engine with new sleeves, pistons, valves and so on and it's been fine since. That was coming anyway and had nothing to do with the oil pump. 500 to 1000 bucks would do one of those engines depending on what you ran into. You might want to at least pull an inspection cover over the trans to see that the gears aren't trashed, and maybe drain some trans fluid looking for gear teeth chunks. It would seem like another 2 or 3 thousand would get a loader and hoe rebuilt (maybe with appropriate generic bushings, cylinder rebuild kits,hoses etc). That's assuming you do most of the work yourself, and that there isn't any real structural damage. If you have it done, find out what 3 or 4 man-weeks of shop time costs, and add that in. Massey tractor parts are available used from places like Central Tractor, and the dealerships have some new parts eventually available. The hoe and loader parts would probably have to be improvised. You are talking about a machine that's some 40 years old. If you really want to move dirt, maybe you ought to look at something like a usable Deere 410.
On the other hand, if you're up to the effort, you might not lose too much by getting it resurrected, especially if you can do most of it yourself.
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