By all means drop the pan and clean it out. Be sure to clean the oil pickup. . . . see if there"s a screen on it. I"m not familiar with the M"s design, but I"ve done the same with my 240 and 340. I"ve had to remove the oil pickup screen and soak it in kerosene. I buy pan gaskets, and filters, at NAPA, where prices are lower than from IH. Some of these tractors didn"t see many oil changes.
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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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