I have an H, a 300U, a 340U, a couple of 8N's and the bigger tractors. I fully agree, the 300 U is a thirsty beast. But it does put out the power when needed.
My theory (and I may be wrong). The 300 U has a carb the size of an M carb (large bore) put on a 164 cu inch engine. The H has a much smaller carb put on a 152 cu inch engine. Both engine designs are similar, neither is high tech. The H gives a lot of pull power, and may rival the 300U, but the comparison is not quite fair with the difference in wheel sizes and parasitic losses from the FT hydraulics of the 300. But due to the similarity in cu inches, the CFM of air/gas going through the carb is similar, but the smaller carb of the H gets the air flowing at higher velocity, so it does a better job of atomizing the gas. The carb on the 300 is made for a M engine of ~269 cu inches, so it has a relatively low velocity of air flow in the 300. Thus the gas is not vaporized well, but gets sucked down in bigger droplets. My 300 has always run smokey compared to the H.
Now the experiment, based on the above.... can you physically mount an H carb on the 300 engine? If so, I think you will have better fuel/air mix and thus lower fuel consumption, but not quite as much gut pulling power.
Compare the 340 U with its 135 cu in engine. Much better fuel economy, but this is a newer generation engine (with a small carb like the 8N Ford has). But I'll admit, it does not have the pull power of the 300 U. I do think it has higher compression, and a more agressive spark advance curve in the dist. For small farming and considering the cost of fuel, I prefer the 340 U, although it is not as stoutly built as the 300/350's.
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Today's Featured Article - Tractor Profile: Farmall M - by Staff. H so that mountable implements were interchaneable. The Farmall M was most popular with large-acreage row-crop farmers. It was powered by either a high-compression gas engine or a distillate version with lower compression. Options included the Lift-All hydraulic system, a belt pulley, PTO, rubber tires, starter, lights and a swinging drawbar. It could be ordered in the high-crop, wide-front or tricycle configurations. The high-crop version was called a Model MV.
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