If the tractor can be pulled with ease with the motor off, then I"m guessing you have an issue with the brake valve.
To test this theory, try to tow it with the motor off and see how it pulls. Then start the engine and try to tow again. If it pulls hard with the engine running and easier with it off, then I think your brake valve is suspect.
If it pulls hard regardless of motor running or not, then I"d probably consider something locking up in the tranny like a bearing in the differential, synchro shaft or elsewhere.
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Today's Featured Article - Timing Your Magneto Ignition Tractor - by Chris Pratt. If you have done major engine work or restored your tractor, chances are you removed the magneto and spark plug wires and eventually reached the point where you had to put it all back together and make it run. On our first cosmetic restoration, not having a manual, we carefully marked the wires, taped the magneto in the position it came off, and were careful not to turn the engine over while we had these components off. We thought we could get by with this since the engine ran perfectly and would not need any internal work. After the cleanup and painting was done, we began reassembly and finally came to t
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