Yup, this is a 1960's Mobilco-assembled Ariens Emperor. They used a friction disc drive, like the 'tiller steer' Rover Ranger models. Hub reduction , too!
Great detail in this past resto thread:
https://www.outdoorking-forum.com.au/forum/ubbthreads.php/topics/28528/1.htmlAs far as a resto proposition goes, the major barrier would be having to get the crankshaft PTO end machined and threaded [IIRC] to fit the driving disc...
The driven disc would doubtless need a new bonded rubber facing, too.