In Reply to: How far to go on a restore posted by Barry on August 30, 2020 at 01:43:39:
It wouldn't be a Ford if it didn't have few oil leaks!!! ; > ) Engine pan has port to drain excess oil -the cotter pin rattling at the bottom is to keep the passageway open. Normal. If concerned about staining the floor of your shop, simply get a bag of Speedy-Dry (kitty litter) and apply as needed. Leaks around the valve cover may or may not be fixed with a new gasket. Governor leaks -can rebuild governor with a kit -includes gasket. As far as oil pan, crank seal, or any other major part that leaks, you are half way there, in my opinion, to a rebuild trying rather than just replacing gaskets. Did you do a compression test? What does oil pressure show, when first start up and after it's ran for an hour or so at idle? Dents in the sheet metal, hood, fenders, doglegs, can be fixed at a local bump shop. I had all mine done including, blasting, priming, and painting for $180. If head leaks coolant, you have a different problem. We all understand being on a budget and taking on a project like a rebuild/restoration. It's your tractor and your $$$ so it's your call in the end but my advice is "...if it ain't broke..." -you said it yourself. If compression is good and it runs good, may want to start squirreling away a Christmas account just for that project and when you have $2-$3k in the bank then do it. Cleaning and rebuilding engine then painting everything works well so you don't have to do it over again a year or two later. FWIW, I've seen pristine tractors at shows that were 'trailer queens' yet still had puddles of oil under them. When I was working, I had all the money and no time. When I retired I had all the time and no money. If you choose to rebuild get the Manuals and don't buy any parts until you know what kit to get. Best to go to a trusty, local engine shop guy who knows Ford tractors and get block boiled and inspected. He can check the head too and probably recommend and get you the correct kit. If cylinders need boring he can do that too.