FWIW, I believe a 560 makes a fantastic haying tractor. It will feel very familiar to operating the M-450.
As to the rearend: It is almost literally the same as the SMTA-450 only they moved the hydraulic pump into the rear and used the case as a reservoir. The "weakness" was a combination bearing and lubrication issue and the later S/N tractors came with the improved bearings off the assembly line.
Any 560 still going today has a high probability of having been updated. My grandfather used an earlier S/N 560 in a custom farming business for two decades with no problems and that machine is still going today. Dad also uses one as the primary tractor for his farming.
One of the updates on the 560 over the 450 is that it does have larger brakes. That said, they have the same issues as the SM-450 brakes when parts get worn.
Our 560's are diesel. The 282 diesel is simple and reliable but on the cold natured side. The glow plugs and wiring need to be in good shape for easier starting. It is thrifty on fuel though. The late Hugh Mckay of this forum said his was turned up to about 90 hp and ran about 10K hours like that (IIRC). I'm not that brave. I know you are primarily thinking of a gasser but don't be afraid to check out a diesel version if you find one in good shape.
The 706 is a newer generation of tractor and even more updated as previously posted. In our area though a good one will easily be double or triple what a 560 will cost in the same condition. Partly that's a regional thing. Fair number of 560's in this area.
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