The belt guards are usually always missing on these tractors. I have had some success getting new belts adjusted correctly with the top guards and bottom drive guard missing by playing with the driveshaft and pto height adjustments.
I find the bottom pto guard to be the most critical one to have, otherwise pto will always turn a little.
I have pulled it back apart and the PTO guards are in place there is only the lower guard on the High Range belt and the Low range belt the top is missing and the bottom was apparently ripped off years ago.
I found a complete lower guard for $10 it is on its way. Score don't have to fab that one!
The top guards I will fabricate them. It should not be a problem. My guess it when the Tecumseh HH100 got put on it the upper guard did not fit on the engine and it was just left off along with the Low Range belt.
I will make it work, I ain't scared!