Here is more info.
It looks like the right bracket holding the hitch onto the right final drive in your picture is backwards. It's sort of hard to see it in the picture, maybe it's just the picture making it look that way. I don't know how the bail would fit if the brackets are backwards.
Looking in the Cub and LoBoy parts manual, the left bracket is part number 520125R1, or R2.
It may or may not have a hole in it to get to the plug to check the final drive oil level. Early brackets had no hole.
The right bracket is 520124R1 or R2.
Usually the number is cast into the brackets, you can look at the numbers to see if the brackets are on the right sides of the hitch.
Below is a picture from TM Tractor Parts of a Fast Hitch right side bracket on a Cub. This hitch has a depth adjustment lever, to the right of the seat. Newer hitches have the crank, to the right of the seat.
The brackets at the ends of the round bar the pull bar hangs down on are upside down. They thread onto the round bar. They need to be changed 1/2 turn. Turn them so the are as far onto the threads as they can go, and be the right direction.
I have found that putting some grease on the seat shaft, as you put it together helps it move better.
Below are pages from the 1955 Cub operator's manual showing the Fast Hitch.
https://farmallcub.club/rudi/farmallcub.com/rudi_cub/www.cleancomputes.com/Cub/Cub Owner's Manuals/McCormick Farmall Cub Operator's Manual 12-20-55/Page 18.jpg