You're compression test is FINE. Plenty of compression, and a long way from needing an overhaul. Adjusting the valves probably won't hurt, and even just using the tractor may cause the compression to even out.
The "popping" noise and power loss is probably just the cold engine SPUTTERING. These 6-cylinder engines are a bit cold blooded and will sputter some until they're warmed up, especially in cold weather. Judicious application of the choke when the engine starts to sputter will clear it up. Just give it a little blip of choke when it starts to sputter. You may have to give it a little choke every time you let the clutch out for the first few minutes after startup.
It may need carburetor work, but just give the choke idea try and see if it helps.
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Today's Featured Article - Pitfalls of Tractor Engine Rebuilds - by Chris Pratt. The first pop after you have put the machine together with your own hands is exciting and pleasing. The whole experience can be marred if one moves too fast and makes too many assumptions that they can just use "as is" some parts they should be closely scrutinizing and possibly attended to. In such cases, rework makes what could have been a fun project turn into an irritant or even a nightmare. Minor Irritants To give you an example of an minor but irritating proble
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