since it's a roler motor, it more than likely "turned" one or more lifters and that's what ate the cam. The turned lifter probably blocked the oil galley and that's what's causing the shaky oil light. I'd plug a cam, lifters and probably a new oil pump/screen into it and let in eat. Check with Summit for the best deal on cam/lifter packages for that engine. While your replacing the pump, ya might just pull a main cap and have a look at a bearing just to make sure that this is all just limited to the cam- infact, I'd pull the pan and have a look before i ordered any parts (just in case)
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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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