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If it's what I think it is a cotter key goes in that hole. That looks like the clutch inspection plate. There is a hole so that when the front transmission or rear engine seal starts leaking the clutch compartment doesn't fill with oil. Should be a cotter key through the hole to help keep bugs and things out.
 

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Most old tractors mark their territory to some extent. If it's not bad enough that it interferes with working the tractor you may want to just use a drip pan to catch what drips out. You can remove the inspection plate and see where the oil is coming from. You'll need to split the tractor to replace the seal that's leaking. Operator and repair manuals are still available for most old tractors and have what information one needs to maintain them. All States Ag is a good place for new and used parts.
 
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