It depends some on what you intend to use the tractor for. If you are just going to play with it I would check the sleeves for taper and out of round. If they are close I would put a set of rings in it and take the head to a qualified shop and have it gone thru which means checking for cracks and grinding or replacing valves and seats. If your rod and main bearings aren't grooved or scored and you have decent oil pressure I would throw a set of rings in it and not worry about pulling the crank. That old girl will run that way a long time and run quite well at that. If you are going to work the snot out of it or use it for tractor pulling well then you should probably go the full route. I've taken many an M and H apart and did the head and valves and put rings in and they ran really well and are still running. I guess it depends how much money you want to spend.
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