Is that a piece of bearing material hanging out the side of rod cap? Never seen one do that.
I suspect there's about a 99.9% chance the bearing journal on the crank is scored and will have to be re-ground undersize. If its been reground before, or the damage is too deep, there may not be enough material left and you'll end up having to replace the crank. As someone else noted, have the machine shop check the connecting rod as well - it probably got beat around a lot & may have to be re-bored or replaced.
In order to grind the crank, it'll have to come out of the engine, which I believe means pulling the engine out of the tractor. Once you've got the crank out, go ahead and replace all the bearings. If it did in fact spin the bearing due to a lack of oil, there's a good chance that other bearings are damaged as well. Bearings are cheap; the cost of grinding the crank and a new set of rod & main bearings is small compared to the cost of having to do it again when another bearing fails.
Of course, now that you've got it down that far, you might as well do a complete overhaul...
Pull the rod cap off & post a picture of the crank journal - be interesting to see how much damage it did.
How much it'll cost you is a function of how much work you can do yourself and how far you want to go. The absolute minimum you'll need to do is bearings & re-grinding the crank, which shouldn't be more than a couple hundred dollars if you take the engine apart and re-assemble it yourself. Once you have the crank out, don't forget to replace the front & rear main seals. Nothing worse than putting an engine back together & having to take it all apart again to fix a leak.
If you just want something that runs, it might be easier to see if you can scrounge another running engine & just do a swap...
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Today's Featured Article - The Cletrac General GG and the BF Avery A - A Bit of History - by Mike Ballash. This article is a summary of what I have gathered up from various sources on the Gletrac General GG and the B. F. Avery model A tractors. I am quite sure that most of it is accurate. The General GG was made by the Cleveland Tractor Company (Cletrac) of Cleveland, Ohio. Originally the company was called the Cleveland Motor Plow Company which began in 1912, then the Cleveland Tractor Company (1917) and finally Cletrac.
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