Typical old truck hydraulic brakes. I have a 77 IH that does pretty much the same thing. Has a small leak somewhere in the system (pretty sure it's a wheel cylinder). I only use the truck for harvest but do need something when getting it out and back in the shed when moving other equipment.
MC might be dry after sitting for winter or a couple months in summer. All I do is fill it up anytime I move it and just figure on using the parking brake for moving it that time. So far it has gravity bled and when it comes time to go to work I have brakes for harvest.
Don't know what your endgame is with the truck but unless you are gonna be in tight quarters with people don't worry about it, You will drive yourself batty trying to keep those brakes working 100%. If you intend to use it as a long distance driver or daily rip out the whole system and put in dual brakes, and do the whole thing from master to all the wheels and replace all the lines. If it's for seasonal use just live with it and make sure your parking brake is up to snuff.
JM2CW this is just my opinion and of course not a official recommendation.
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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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