Harry,The disc is probably just a protective shield. Should it be replaced? I wouldn't unless it's damaged, and my guess is that it probably isn't. I think if you remove the drive shaft, and the first snap ring the disc should be removable without disturbing anything else or draining the fluid yet.
Today was the big day I started the repair. After the PTO cover was removed everything changed. I could see the oil leak and it was not the rear PTO seal. It was where the rear hydraulics Body and transmission Body bolt together. Oil was leaking out of this seam at the bottom, directly into PTO shield about 6-inches from rear end of PTO shaft. I would say the 18-mm bolts were loose, could turn several by hand. I went thru shop manual looking for proper torque of bolts. As best as I could locate 72-FP. Torqued all I could reach the same. Looks good so far, but did not use the tractor yet. I had similar problem with several riding law mowers. Always had to replace the oil pan gaskets. I hope that's not the case with this leak. That would be a very major job, involving lifting cab off body. I don't think I would attempt to tackle that.