The problem turned out to be the wrong pressure plate. When I took the old pressure in to be rebuilt, the shop was not able to rebuild my old unit so they ordered a rebuilt from another shop. When it came in a week later of course my old pressure plate was already in a pile somewhere else so no side-by-side comparison was done.
This model tractor uses two different transmissions, a hi-lo-reverse and a constant mesh transmission which is what I have. The constant mesh transmission has an extra shaft which is run off the pressure plate with a set of splines. The pressure plate I got is smooth inside and fit just over the splines on the shaft. That is why I was getting a grinding noise and why the pump wasn't working. Actually it probably was turning just a little which explains a dribble of oil thru the lines.
So now I have the pleasure of breaking the tractor apart again and installing the right part. Thanks to each of you for your replies and interest.
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Today's Featured Article - Tractor Profile: Farmall M - by Staff. H so that mountable implements were interchaneable. The Farmall M was most popular with large-acreage row-crop farmers. It was powered by either a high-compression gas engine or a distillate version with lower compression. Options included the Lift-All hydraulic system, a belt pulley, PTO, rubber tires, starter, lights and a swinging drawbar. It could be ordered in the high-crop, wide-front or tricycle configurations. The high-crop version was called a Model MV.
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