There is a hub bolted to the fly wheel where the dive shaft couples. This hub is held on by four bolts. Maybe it is loose. Take off the side panels to gain access to this area of the engine to check.
Also, the hub may be worn. The slot where the drive shaft (pin end) is inserted will wallow out over time. This something to look at.
I doubt that the crank shaft is wobbling. If it were me, I would go through and do an engine clean up and tune up. Clean the entire engine, remove and clean or rebuild the carb, check the timing, replace points and condenser if needed, check the coil, check the valve lash, clean or replace the breather element and gaskets, install a new spark plug and wire, install new air filter, check the battery, clean all electrical connections.
Once you get the engine running well, then you can start to go through the hydro and its controls.
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Tractor #1--1972 Model 149 with rear lift
Tractor #2--1972 Model 149 with rear lift
1A tiller w/both extensions, 38" & 42" Mower Decks, Wheel Weights, Ohio Steel Fabricators 10" mold board plow, two 42" snow blades, QA-42A Snow Thrower, Brinly Sleeve Hitch
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