If it sat outside, the transmission may be full of water, raising the oil, causing some of the leaks.
A lot depends on what it will be used for, how much it will be used, and who will be running it.
If it is going to be a working tractor and needs to be dependable, or will be used by other people that may not keep a close watch on the oil levels, then it will be more important to stop the leaks.
But if it's working days are over, the leaks are more of an annoyance than a necessity to be repaired.
In either case, I would recommend getting all the levels where they are supposed to be, clean everything up so you can see the leaks, then put some time on it, go through all the motions. Doing so might oil up some of the dried out seals. Also you may discover other problems. No use going in after a leak, putting it back together, only to discover another problem in the same area.
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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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