Brian, While it would be best if you could somehow get some PB Blaster or other brand of good penetrating oil into the threads it will be hard to do that without tipping the cub on it's side or upside down or by removing the lift arm and rockshaft. If the narrow portion of the lift button is still intact on the lower portion of the button, you might be able to get a hold of it with a needle nose pliers and unscrew it. I did this decades ago with my #1 125 but it was less than 10 years old and the threads were not at all rusted up. Hopefully it will come off easily for you. If not, Amy K. was able to replace one on her 1x4 Cub Cadet a year or so ago by grinding the top of the lift handle tube to expose a slight bit of the broken button.