I'd be inclined to run it like it is unless the clutch is slipping and the hydraulics are shot completely.
My expereince has been that on major reworks I spend more than a good newer tractor could be had for. For example, a good used 7610 Ford series II with 3800 hours sold here out of the city motor pool for 7500. If your tractor is worth 4000 like it is and you put 6500 in it thats nearly 11,000 toward a newer tractor. The 806 could need an engine, injector pump, anything in the very near future.
When I start a project I always try to calculate what the tractor will part out for. If I can fix it for what the components are worth, or when I get to 500 over what it will part I break it up. It took me 3 times to learn that buying a tractor for 5000 and putting 5000 in it still left me with at best a 5500-6000 tractor. Just not my kind of economics when good late model tractors that dont need a bunch of stuff can be had in the 10,000 range.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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