Hello Greg, welcome back to YT! My questions would be did it shift out of second gear when you bought it? Is the gearshift just stuck in that position or does it feel like it is disconnected and wiggles around? I had a link to a manual for some models of PKs I’ll have to see if I can find it. I don’t own one nor am I all that familiar with them just trying to help you out.
Economy/Power King Tractors use a Borg Warner transmission, same as was used in Crosley cars, off hand I don't remember the number. It is being reproduced by Olympic Gear. But likely you only need to take the top off of the transmission and realign the shift rails to neutral and then drop the end of the shift lever in the proper place, neutral. This is made difficult by the sheet metal floor pan. And easy way out is to cut a access in the top of the cover. If you do a good job it can be replaced with splice pieces under it and some screws. If the end of the sifter is a bit worn and you try and swipe the lever across the shift pattern it can get out of position. Always move the lever in the H pattern, not trying to go diagonally across it.
I just looked up Olympic Gear and it is the T-92 transmission they are making. A few years ago I bought some gears from them to repair an Economy transmission I had bought as a basket case tractor and they fit perfectly. Just a little noisy probably because I mixed them with some used gears. Haven't put any STP or similar in yet to try and quiet it down as it isn't that bad. When I bought this tractor one (it had two) of the transmissions was stuck in gear. After aligning it I haven't had any trouble with the shift lever getting out of position. Don't know what the former owner did to it to break teeth and get the shifter out of position. I think he was one of t hose people who should not be allowed near mechanical devices. There were many other such odd and messed up tings on this but it has gone together after much work and is a good running tractor. A few weeks ago I used it and the snowthrower that came with it to clear 18" of snow and it performed well. I do see a bit of oil under where I parked it so I need to find the leak.
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