I personally wouldn't mill it unless it really needed it.
First of all, I can't imagine the horsepower gain would even be noticeable (but the bill will be).
Second, as mike pointed out, they aint making any new ones. Why start machining parts that don't need it? Think long term. 50 years down the road, some other guy might be rebuilding your tractor, the head might need machining -with no material left to correct the problem.
Seems like a waste to me.
In my mind, if your tractor needs more power, what you need is a bigger tractor.
I'm not a fan of trying to make old tractors into something they weren't. A little bump in power isn't a bad thing, but I guess I'm more of a purist.
I use an old tractor for that old-time experience. Tricking out the engine kind of defeats that purpose. I'd rather just drive something newer.
Not saying YOU should or shouldn't do it, but just throwing my 2 cents out there as something to think about.
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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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