If you are sure about doing a full restoration, go ahead and start taking it apart.
But if you are just going for the major problems and make it look good, (my recommendation) get it out and drive it around. Take a work sheet and make notes. Put it through the paces, listen for noises, note leaks. What you don't want is to miss something, put it back together, then have to go back in. Start taking before pictures.
Hopefully you have a heated shop with a good slab floor. Trying to work on dirt or gravel is very dangerous! You will also need a parts washing machine. Some heavy duty, wide stance jack stands, a good bottle jack, some 4x4 cribbing, a cherry picker or a frame hoist, an engine stand, a good solid work bench with a vise. Assuming you have the basic hand tools.
Some folding tables are really nice, a place to lay out parts. As each component is removed, it needs to be before and after photographed, cleaned, inspected, and labeled. Ziplok bags and wire on tags work well. Any damaged or worn parts need to be set aside and get the repair/replacement process started. Once the component had been sorted and labeled, store the parts in tubs to clear the table.
About parts... At the tractor's age, there will not be many aftermarket parts available. But if you have a choice, source NOS or used factory parts. Use as few aftermarket parts as possible. The quality is just not the same. If you are going for a true restoration, stick with the original electrical system, don't upgrade. If you get everything right, it will work.
Paint and body work... Trust me, you do not want to do paint and body work in the same shop that you do the rest of your work! It is nasty! You can paint the castings in the shop, but best make arrangements to use someones paint and body shop for the sheet metal, or sub it out. It will look better, and you won't have sanding dust and overspray covering your work area.
Keep in touch, read your shop manual, don't be afraid to ask, and don't get discouraged!
There will be setbacks, just part of it. Be careful not to put the entire project on hold. Make it a point to do something on it every day, otherwise it can come to a stop. Much harder to get started again if it does!
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Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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