The Cub's a NICE little tractor. Others with more experience with them will chime in with advice specific to them, especially with the issue with the shifter.
But . . . about your gears. A change of tranny oil will help to quiet them down some, but if second is noisier than first, that may be a clue that that's where it was used most. As long as it gets along okay, a touch of something between a groan and a howl is not cause for alarm and, to some extent to be expected from a tractor that saw a lot of work in its day.
As far as that third gear . . . First and second are close together for gear ratios. They're its working gears. It's not as pronounced on a Cub as on the bigger Farmalls, but the highest gear is basically a road gear. On the Cub, it delivers more than twice the speed over the ground as second. Road gears are notorious clutch eaters. Usually not a problem because they don't get used a lot, but they do require some SERIOUS featherin' in, even with low engine speeds. You do want to be above low idle but not much to start off in it. Too quick on slipping the clutch in the road gear and too low on engine speed, and you can drag under even a good-runnin' motor. Fixin' that by starting from a higher engine speed and you can be poppin' wheelies (undesirable!). Most Farmall folks have a hair-raisin' road gear story to share.
Before the night is out somebody is going to suggest getting a manual. Not a bad idea. The first one to get is the Owner's Manual. It will cover basic operation and basic maintenance. As it happens, it's also better than the srvice manual for things like setting clutch freeplay, which may or may not be a factor in your slow pedal return. From there, the Service Manual would be the next one to get, which will be a help if you have to break things down to fix the clutch or anything else.
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Today's Featured Article - Old Time Threshing - by Anthony West. A lovely harvest evening late September 1947, I was a school boy, like all school boys I loved harvest time. The golden corn ripens well and early, the stoking, stacking,.... the drawing in with the tractors and trailers and a few buck rakes thrown in, and possibly a heavy horse. It would be a great day for the collies and the terrier dogs, rats and mice would be at the bottom of the stacks so the dogs, would have a busy time hunting and killing, all the corn was gathered and ricked in what we c
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