I wouldn't run it like that. Mine was a drip. Yours looks to be pouring out. My tractor tripped the low oil light way later than it should have in my opinion. Like Sam said, the main seal isn't really a hard job. It does require pulling the engine but with a leak like that, you need to pull the engine anyhow so you can pull tins and clean everything. Your going to overheat it and blow it up if you don't get it fixed.
This is what my Vanguard looked like with a leaking rear main. This was all hidden under the blower housing. I bet yours looks similar.
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1994 Cub Cadet 1864
1997 Cub Cadet 2165
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