Awesome find! I'd just give it a good tune up and get it running then find out the rest of the condition. Once you get it running, try to move it with the hydro. If it moves okay, then you'll want to change the rear end fluid and filter. Use a new rear cover gasket dry and replace the fluid with genuine Hytran and a Cub Cadet filter.
Grease everything really good and take it for a spin. Post a wanted ad in the proper forum and I'm sure someone wil have the muffler plate you need.
Good luck!
Keith
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