1955 300 Row crop......Should I.....? and How..

My cousin has a tractor, 1955 IH300 row crop, tricycle, that he will just give me, if I haul it off. It has been in a barn since it was parked in the early 80's. It was used daily, almost, and then just parked out of the weather in the barn, and hasn't run since.

I have a few questions, I am very mechanically inclined, and I have good selection of tools. I have never tackled a project this big before tho'.

1. is the thing worth pulling out and getting it running?
2. Is it capable of doing basic chores on 5-20 acres? (like mowing, haying, soil management on five acre market farm)
3. Rotary tiller or plow/disk/cultivator?
4. Baler type or hire it done? 5. What needs fixing to get it usable/work ready?
6. What are the most likely big fixes/rebuilds?
7. Ball park cost to get it usable/work ready?

After all these questions it sounds like it would be worth it to go with a modern compact utility, but I like old tractors, and i hate buying something shiny new and expensive, if I can invest some time, sweat, ingenuity, and some cash and Resurrect this machine.

I wouild reallyt like to get it going, but I don't want to spend the same as it would cost to get a modern used unit.

Here is my two cents. I am currently planning on hobby farming 15 acres with tractors around the same vintage and horespower. I am currently restoring a 1947 Farmall M which will become the workhorse. Now I am doing this for the fun of restoration and will do more work on this tractor than a pure work tractor would require but my M came with a frozen engine and has required a complete overhaul and many new/used parts. I believe I will have around $1000-1500 in the engine by the time it is all done and that is a worse case senario and for restoration quality. It sounds like the 300 may require much less work and thus much less cost, especially if the engine is not stuck. I had my Oliver 70 running for less than $150 (new battery, rebuilt starter, tune-up kit, and carb kit). I would compare the $1000 worse case figure to that of a used compact in your area to help you with your decision. The nice thing about Farmalls is that the parts are generally readily available and less costly (at least compared to my Oliver 70).

As far as power, I know folks that used Ford 8N's for hobby farming including haying, etc.. I will try our TO-30 this sumer and see how that goes. I have heard that live PTO is a definite desire for haying. Not sure if the 300 has that.

Also consider a 3 pt hitch as well. Newer compacts will likely have it but older tractors generally did not and an aftermarket will have to be added if 3 pt is desired. Again, I don't know the details with the 300.

Anyway, I hope that helps. If the 300 engine turns over (not stuck) - I bet she would run again for a couple hundred or less.