Under the rectangular plate is the PTO drive gear and it turns all the time engine does with independent PTO. T shaped plate is also PTO drive parts and that's about all you can inspect trough the hole. Noise won't stop when clutch is depressed. If the noise changes speed when t/a handle is pulled back would check constant mesh gears or the reverse idler in the transmission. That's the only two gears in mesh with transmission in neutral. If noise stops with t/a lever back maybe t/a pressure plat damage or the retaining nut came loose for the t/a clutch carrier. May not stop noise anyway with some problems. You can look in the top of center housing at t/a clutch and part of t/a. If it has a belt pulley gear box cover plate you can remove it and probably see if it's in the transmission side. Also can remove gear box if equipped but not simple on the 300. With t/a lever ahead and transmission in neutral gear noise I would lean to transmission side or output gear of t/a. Or transmission main shaft pilot bearing.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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