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 - 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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