Wardner hit the nail on the head...you are looking at some pretty major work and component change out to put a T/A in an early M. For what the market is on the 400 and 450 models, keep your eyes peeled and you should be able to pick one up at a reasonable price. PLUS YOU GET THE BONUS OF LIVE HYRDAULICS AND MAYBE EVEN A FAST HITCH.
I just picked up a 400 two months ago as a matter of fact. I had to give $1000 for it. Tin is in good shape, T/A and clutch are good, and the live PTO is functional. It runs like a champ but does move a little oil through the valve guides. Since I bought the 400, I haven't even looked at the M and might be selling it in the spring.
Good luck with what ever your decision is, but look at the benefits of both options before making that decision!
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Today's Featured Article - Oil Bath Air Filters - by Chris Pratt. Some of us grew up thinking that an air filter was a paper thing that allowed air to pass while trapping dirt particles of a particles of a certain size. What a surprise to open up your first old tractor's air filter case and find a can that appears to be filled with the scrap metal swept from around a machine shop metal lathe. To top that off, you have a cup with oil in it ("why would you want to lubricate your carburetor?"). On closer examination (and some reading in a AC D-14 service manual), I found out that this is a pretty ingenious method of cleaning the air in the tractor's intake tract.
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