What is this part it is on the front of the engine in front of the lawn tractor it appears the center bearing is shot on the pulley.That is called a sleeve hitch if I'm not mistaken. Your correct you can hook attachments to it to lift and lower them, such as a plow ect. A pto will power the rotary motion of an attachment. Pto stands for power take off By the way. Maybe you already knew that. As in power taken from the tractor to do a job requiring rotary motion..such as the front pto clutch powers a mower deck. They did make a rear pto for those tractors but there not many attachments that actually used them and they are not all that common to see.
Sleeve hitch is a nice option to have and does add value. Tho I think they can be found used for $100 to $200, at least in my area. Your may differ slightly.
There is a belt that goes around that pulley and goes to the center dec pulley to turn the deck blades.
Can I just change out the center bearing on this pulley or do I have to change the whole pulley and can I get the bearing at the Auto part store
Thank You for the information God Bless You