Sounds like the pto slide coupler is worn but the hub on the back of the transmission could also be worn as well. I'd replace them as a pair and that requires a rear split.
If the brake drums and wheels are dry and not oily I'd adjust the brakes, turn the adjuster until the shoes are tight against the drums, then back them off until you have 1-2 inches of free travel at the pedals
If the drums are wet and oily you have axle seals leaking that will need to be fixed before you'll ever have working brakes.
I'm not going to say that the drum brake system used on the smaller Fords was a great system but if properly maintained they worked. I spent hundreds of hours on 800 series, Fordson Dexta and 3000's on our hilly farms moving and stopping loads of hay and grain, with enough effort they would stop a load or slide a tire.
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Today's Featured Article - A Brief History of Tractors in Australia - by Bob Kavanagh. After Captain Cook's exploration of the east coast in 1770 the British Government decided to establish a penal colony in Australia. The first fleet arrived in 1788 and consisted mainly of convicts who were poorly equipped and new little of farming techniques. The colony remained far from self-supporting and it was not until the early 1800's that things started to improve. Free settlers started to arrive, they followed the explorers across the mountains and where land was suitable set up farms. T
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