That hitch setup is for the IH "Fast Hitch" two-point system.  We had a Farmall 450 on our farm that had that same hitch setup, which actually worked quite well.  
That 9' disc would not have been for a Cub.  The Cub only had about 10hp +/-, and could not have lifted or pulled that disc.  Something like our 450 would have pulled it quite well.
To answer your question, I wouldn't scrap it.  There are Farmall collectors out there looking for implements with the Fast Hitch setup.  They are not going to pay you a million dollars for it, but you can probably get more than scrap prices if you find the right guy.  Plus, it would be a shame to scrap a piece of history like that, IMHO.