That's been leaking a long time, those connecting rods are very beefy,but still Id be concerned about hydrolocked damage.I think I'd pull the pan,and replace the piston that's been eaten away,and make sure the rod bearings weren't pitted from the chocolate milk oil/ coolant....if they are you'll need to pull the engine and go thru the entire thing.....whatever coolant was in there certainly was in bad shape,unless it looks like it was straight water or so weak there were no corrosion inhibitors left...looks to me like maybe previous owner was just adding water daily and avoiding dealing with the problem...I have a 1910, and have replaced the head gasket twice ,due to external coolant leaks...and once for an i frame rebuild...engine parts for these shiburu engines are very very expensive...just a single,piston can be 200.00 if you can still find one...
Parts are hard to find and expensive particularly from New Holland. $68 for 1 exhaust valve. Found some aftermarket parts at compacttractorparts.com, but they are limited for the 1700. Anyone have any other good sources? Still looking for a head.