I would highly recommend getting manuals. I got a free seized Farmall M from my neighbor last fall (I was 15). For Christmas one of my uncles gave me a service manual, operator's manual, parts catalog, and hydraulic pump service manual. I would absolutely get a service manual, parts catalog, and operator's manual at the minimum. Running is a nice starting point, none of my 4 were running when I got them. I would change all fluids, filters, and take the oil pan off and clean the sludge out of it. Also adjust the valves, he will have to have the hood off to install an alternator might as well adjust valves (or at the least check the clearances) while it is off. Parts should be easy enough to find at a salvage yard, ebay or craigslist. Personally I would go with an alternator. In my opinion they are more trouble free than a generator and I personally like having all of my stuff 12 volt. I can get 12 volt batteries cheaper than 6 volt batteries.
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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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