Sitting here, many miles away, I would say you are burning a little oil... I would test compression dry and then add a little oil to see what happens. If it isn't great, then I would say valve job a rings and hone. However, you won't know if you can get away with rings and hone until you get into it. Once you're that far into it, and it looks like a regular work machine, why not being it back to original and make it solid for another 50 years?
I don't know too many people that were glad they did the minimal amount of work in an engine on a regularly used machine.
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Today's Featured Article - Identifying Tractor Smells - by Curtis Von Fange. We are continuing our series on learning to talk the language of our tractor. Since we can’t actually talk to our tractors, though some of the older sect of farmers might disagree, we use our five physical senses to observe and construe what our iron age friends are trying to tell us. We have already talked about some of the colors the unit might leave as clues to its well-being. Now we are going to use our noses to diagnose particular smells. ELECTRICAL SMELLS
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