Welcome to the forums! There are a lot of knowledgeable and helpful folks here. I sure have learned a lot of there years just by reading.
Since you have the head off, I'd recommend finding a recommended shop in your area to check it out. Those heads are known for cracking.
I have an MT I was going to save, but after getting into it, the cost just wasn't worth it when comparing to what I could buy already finished. Of course, it wasn't a family tractor. I'd definitely would have restored it if it was.
What part of the country are you in? I'm up in southern MN.
You may find more responses to your John Deere specific questions if you ask them in the John Deere forum.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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