You have the classic symptoms of a worn out MCV pump. You may as well just pull the MCV assembly. The pump is mounted on the inside of that assembly. You can check for blown O-rings between the pump and MCV and the MCV and center housing. If the O-rings are OK go ahead and replace the pump.
An unseen side affect of this problem is that you are starving the range transmission and ring gear/pinion of lube oil. The excess oil from the MCV pump goes through the oil cooler and then to the rear frame for lubrication there. The steering gets priority on the first three gallons of flow. If you do not have enough to satisfy the steering demand there will be no flow to the rear. Running with a weak MCV pump can lead to range transmssion and differential failures.
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Today's Featured Article - The Fordson F Ignition System - by Anthony West. A fellow restorer contacted me earlier this year asking for some help and advice on a model F that he was restoring. He had over a period of months spent a fair amount of his hard earned cash on replacement parts for the old "trembler" ignition. Sadly though all his efforts seemed to be a waste of time and money as he still couldn''t get the temperamental old thing to run correctly!! If i said that this was a little frustrating for him that would be "conservative" in fact the problem had reduce
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