Sounds like a heck of a deal for $600, I'd go for it.
The 3 pt might be something simple but even if it's not you can rebuild the pump and replace a lot of the major parts pretty reasonably. All the parts are available on this site. I just rebuilt the 3 pt on my 202 which is for all intents the same lift system.
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Today's Featured Article - Restoration Story: 1951 Farmall H - by The Red (John Fritz). I have been a collector of Farmall tractors since 1990 when I first obtained part of the family farm in Eastern Indiana. My current collection includes a 1938 F20, 1945 H, 1946 H, and the recently purchased 1951 H. This article will focus on what I encountered and what I did to bring the 1951 NEAR DEATH Farmall H back to life.
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