There's 2 things going on here: 1 - There's a slight leak in the exhaust manifold gasket, and 2 - The engine is "wet stacking" from not being worked hard.
That "oil" you're seeing is actually a mixture of unburned fuel and soot. It accumulates in the exhaust manifold (and will leak thru a bad gasket) if the engine is run lightly loaded for a while. Working the engine hard for 20 - 30 minutes burn the stuff out.
Aside from the mess it makes I would not be too concerned.
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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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