IIRC, that is a roller bearing, the rollers running directly on the inside of the input shaft, directly on the outside of the main shaft.
Hard to believe rust would have been enough to seize it that bad and then let go. I suspect the cage failed, wedged under the rollers and welded it. Either way, most likely both shafts are now ruined.
So, if it still works... You could probably get away with running it the way it is.
But, if there is major slop in the bearing now, it will allow the main shaft mounted gears to move away from the counter shaft gears, stressing the teeth, possibly breaking a gear or causing further damage.
You might give it a try, see what happens. But I would keep my ears on it, if things start getting worse, time to go in.
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