Hi,
First you can check these more simple things.
It sounds like the clutch pedal return spring may have broken or is gone.
Use your hand and see if the clutch pedal pulls up.
All 3 pedals should have return springs under the platform, to hold the pedals up against the platform.
Use a light and look under the platform and see if the springs are there.
If the clutch pedal had no return spring, it would always go ahead, about 1", and the throwout bearing would touch on the pressure plate fingers.
Below is a listing at TM Tractor for a new spring. You can look at the picture.
http://www.tmtractor.com/new/cl/864fp.htm
I would oil the clutch pedal base if it hasn't been oiled lately.
Below is a page from the 1957 LoBoy operator's manual, showing adjusting the clutch pedal free play.
There is a pic of the clutch on the page also.
Adjusting the free play to 1" automatically sets the 1/8" distance between the fingers and throwout bearing, if the fingers are the right height.
http://farmallcub.com/rudi_cub/www.clea ... e%2057.jpg