I agree with not running the tractor anymore until you address the knock.
The easy way may work. Drop the pan and see if you can figure out which rod is knocking. Pull the cap, polish the journal a bit and install a new bearing. If the journal isn't jacked you can get away with it being that simple on a lightly used low RMP engine. If you have to polish it a lot to smooth it out mic it after polishing and see if its still standard, .010, ,020, or .030 under. Cheap rod bearings (no point in going expensive if you've gone this route) can be had for as little as $19 on Ebay.
WE did exactly that on an IH 1600 with a 345 engine - replaced the bearing with a standard and torqued it to spec and drove it for a summer then sold it that fall. Held up and never started knocking again and maintained good oil pressure. I was sure it would send a rod through the bottom of the oilpan the first time it was revved up to shift under a load.
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Today's Featured Article - Tuning-Up Your Tractor: Plugs & Compression Testing - by Curtis Von Fange. The engine seems to run rough. In the exhaust you can hear an occasion 'poofing' sound like somethings not firing on all cylinders. Under loaded conditions the tractor seems to lack power and it belches black smoke out of the exhaust. For some reason it just doesn't want to start up without cranking and cranking the starter. All these conditions can be signals that your unit is in need of a tune up. Ok, so what is involved in a tune up? You say, swap plugs and file the points....now tha
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