Numerous comments about the tractor, and that'll go on for a long time, but I'm concerned about the wagon. Those farm wagon running gears are pretty tough to back up unless you have the knack. They are far different than a standard single or double axle trailer.
Couple things to consider:
1) Get and use a standard trailer for general purpose use. They are generally smaller and easier to maneuver. My dad had an old pick-up truck box type trailer (short box from the 50's) that we built bench seats over the sides. Hosted many rides out in the woods with that.
2) A tractor with a 3 point can be outfitted with a carry-all set of forks. Building a 3-sided wood box on this can allow riders to ride along on some cushions, and also haul around wood & tools as you head to the woods. As others mentioned, pull a trailer/wagon from a draw bar, and not the three point system. They generally have a lot of side-to-side sway, and unless outfitted correctly, can collapse upwards when trying to stop a trailer, and the trailer is pushing on the tractor.
Older tractors are nice, but you have to be a reasonable mechanic to keep up with them, and finding the corner garage that works on them is getting tougher to find if you're not a fair mechanic.
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