As was mentioned you are most likely pulling in air at one or all of the large suction line fittings. There are rubber seals in each one. You might get by with just tightening them all up but they are 70 years old now so you might want to think about replacing them. They aren't very expensive from Deere.
Another possibility is it's bypassing inside. Using the wrong oil will make it worse. I use 20 or 30 wt non detergent motor oil. It won't foam, works better and leaks less than anything you can put in there. It's in the motorcycle section at my local Advance auto parts.
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Today's Featured Article - 12-Volt Conversions for 4-Cylinder Ford 2000 & 4000 Tractors - by Tommy Duvall. After two summers of having to park my old 1964 model 4000 gas 4 cyl. on a hill just in case the 6 volt system, for whatever reason, would not crank her, I decided to try the 12 volt conversion. After some research of convert or not, I decided to go ahead, the main reason being that this tractor was a working tractor, not a show tractor (yet). I did keep everything I replaced for the day I do want to restore her to showroom condition.
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