Water will condense in the crankcase and freeze in the oil pump, it is a problem with many old two cylinders. To Prevent damage to the cam and oil pump, Deere designed a breakable coupling driving the pump if it freezes. This is likely what broke, resulting in no oil pressure. I would remove the rod caps and take a look at the babbit and the journals. If you are real lucky, only re-babbiting and polishing the crank may fix it. I have tractors that have run for 35 years with .002-.003 out of round rod journals and babbit bearings. Newer type insert bearings won't tolerate that much. You are probably in for a teardown, but I sure wouldn't think about scrapping anything.
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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