Sorry you're not getting much help thus far adigger, could be because few folks around that know the innards of a machine of that vintage. I must admit, I know nothing about them as well. But seeing you "purchased" the machine, then it's either fix it, or it's a glorious piece of scrap iron. Maybe we can come up with some ideas of what to check.
You stated that all functions stopped working, drive, steer, and loader functions, yet the shaft going from engine to tranny still turns. The first thing that comes to my mind, again, I don't know these machines, where is the torque convertor? Is is mounted to rear of engine/flywheel housing? If so, where is the main hydraulic pump? Rarely will you find a hyd work equipment pump being driven by the torque convertor as the slipping of the convertor messes with hyd operations. On the contrary, if the main hyd pump happens to be driven by opposite end of engine, front of crankshaft, perhaps that pump also supplies pressure for steering and tranny, or there may be a charge pump for tranny on that end as well. I think I would try to locate my pumps and start looking there. Good luck.