I just recently cured a Farmall H with those same symptoms. The Farmall letter series tractors and probably the early numbered series as well are all prone to the same thing. What happens is the cover on the bottom of the oil pump becomes warped, and even though the bolts that hold it on are still good and tight, a gap will open up between the cover and where it mates to the pump, and then the oil, instead of being pumped up into the engine just flows right back out into the oil pan. The cure is to remove the pump from the tractor, and then remove the cover from the pump, and then use some method of re-surfacing that cover so that it is flat once again. I used a large oil stone, others have used a sheet of emery cloth layed down a pane of glass. Of course you will need a new gasket to put it all back together. I made a new gasket, but I think that gasket is still available from Case-IH.
The oil pressure will now peg the guage at start up, and after the engine is fully warmed up, the needle on the guage is still at 3/4 up.
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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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