Something you might consider, do some major cleaning first. That will have to be done anyway, so it will be a good place to start.
If you can access a hot water/steam blaster, that will cut the easy grease. Or a pressure washer, scraping, wire brushing to get the loose stuff. Oven cleaner, engine cleaner, Purple Power, naphtha, kerosene, diesel... Whatever chemicals you choose will get most of the stuck, baked on grease.
But in the mean time, before disabling it, do some basic checks, give it a good looking over. Look for major issues, like freeze cracked engine block or transmission case, any broken castings. Check all the fluids, check for water in the oil, transmission, differential housing, coolant level and condition, electrical system. Look for oil leaks, coolant leaks, fuel leaks.
Then get it out and drive it around. If it won't run well enough to do so, patch up the easy problems so you can, and put it through the motions. If you plan on using any attachments, try them out, put a load on the PTO and lift. Check the clutch under load, transmission in all gears, brakes, steering...
It is a given that there will be some problems. Any piece of equipment that age will have issues, weather they be normal age related deterioration, or hidden problems that may have been partially repaired by the previous owner. Start making a list of everything you find. From that list you can decide how far you want to go with repairs. Keep in mind what you expect to do with the tractor. If it will be only for show, you can get by with mostly cosmetics, still oil leaks can be difficult to control on a worn out engine. If it will be for light use, you will want to go deeper into dependability. For regular use, best take few shortcuts.
Once you make an evaluation, and decide this is the tractor for you, buy a shop manual! Start reading it, familiarizing yourself with every aspect of the machine. You will be amazed by some of the engineering and design features of the time. The manual will more than pay for itself in mistakes not made!
By the time you do a critical evaluation, then you will have a priority list. Painting may have dropped down the list a ways. No use painting first only to discover it will then need to come apart. The number one priority should be to only take it apart once! Nothing more heartbreaking than having to do something all over because of a simple oversight.
If you really need to do some painting, start with easy sheetmetal and accessories. It will eventually need to be done, and won't be a wasted effort or in the way of later repairs.
Hope this helps, ask lots of questions, let us know how it goes!
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