DLTTrakkers,
Thank you for your help. I managed to take the pto shaft out. Replaced the bearing in it, replaced woreout shaft itself, re-assembled the tractor but now it looks like I will have to take it back apart. The pedal is still to the floor. It was dumb of me not to check the finger height on the pressure plate. I suspect that they are either wore out beyond the limit. The clutch components are brand new except pressure plate. I will get the new pressure plate and break down tractor again within next two weeks. Your suggestion did help me tremendously and for that I thank you.
Cheers!