nspec: By now you must have heard the old saying, "If it aint broke, don't fix it". Your seals aren't leaking, and if oil is not coming out, water certainly isn't going in. Your water and rust are a result of moisture getting in around actuators. If your tractor was worked regularly, heat would evaporate the water, and there would be no rust. These old Farmalls were meant to be stored inside during extended periods of non use. You may not even need the brake discs. Clean the balls and ramps well, make sure the springs are good. Find a rasp and rough the surface of the glazed discs. My dad ran two of these tractors, with 3 sets of discs; one in each tractor and one set out for rasping, and never bought discs for years. I know 35 years later one tractor was gone, and I was still rotating two of the same sets of discs. The glazing is caused when ramps and balls are dirty, thus the brakes don't release properly. Cleaning these mechanical disc brakes, making sure all springs are good, was and still is an annual job. Do that and they work well.
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