Well, $500 for a running M is a decent price. Paint is for the eye of the beholder. If you are going to work this, paint would be way down on the list of priorities. Tires are going to be your big expense, and expect to sink at least $1000 in them (tubes, mounting, etc).
If all she needs is a tune up and some other minor things like valve cover gasket, seals on axles, pto seal, brakes, and the like, you will have another $200 - $300 depending upon what she needs.
Other than that, get her mechanically right, and you will have a good tractor for the uses you posted. If she needs rings and bearings, that is a whole other ballgame. Best I have been able to do an engine for is $1000 with new parts, and that is me doing all the work except for boiling the block and turning the crank.
Plan on $1500 without knowing anything else. If your wallet can stand that, then I would say "go for it".
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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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