DON'T run it at PTO rated speed- have it at a little above an idle. Reason- if you run into something, it will kill the engine rather than destroy the post hole digger. You can't just put the 3 point lever down, and let it go- you have to get the dirt out of the hole as you go. With engine at just above idle, keep lifting the auger when it bogs down to clear out the dirt, then back down to dig some more. I learned long ago not to test the limits of a machine- all that does is just make you spend a lot more time wrenching than working.
As far as your purchase, you did good (861 is live PTO, isn't it?) You've got a good, usable tractor at the same price as a much lesser model, and the potential to make it a nice rig with some ongoing refurbishing.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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