Do you truly have a Farmall 504 row crop or do you have an International 504 Utility, and are calling it "Farmall" out of habit/mistake?
It's quite common for folks to call any red tractor a "Farmall."
Comparing the 550 to a 504U would be a much fairer comparison. The 504U has about 5HP more. The 504U is about 1000lbs heavier. Still not equal, but more fair.
If you were talking about an earlier era, the Oliver would be the more advanced tractor for the time. In this case, it's about even.
Puttering around, mowing, raking, pulling trailers, general light work, it'd be close but the 504 has a slight edge in my book due to the slightly faster 4th gear (7.8MPH) vs. the 550's 5th gear (7.2MPH). The 504 will have a slight edge in heavier work due to weight and HP.
I'm not real big on utility tractors, so if the 504 were a Farmall I'd choose that due to the flat deck.
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