Dad's M is similar. It'll crank like nobody's business, but won't fire until you release the starter button. It's a 12V conversion.
My theory is that the starter is pulling the battery down so far that the coil isn't getting any/enough juice to fire properly.
As I understand it, the early 12V Farmalls had a bypass that put a full 12V to the ignition coil while the starter is cranking, bypassing the resistor that normally reduces the voltage down to 6V for normal running.
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