I don't own a compressor atm, so the paint job is slated for next summer. But right now I'm focusing on getting the mechanics buttoned up. Here's what I've done so far...
Drilled all the steering linkage pieces from 1/2” to 5/8” and put in 5/8” pins to take out slack. I may put 1/2” bushings in and put the correct 1/2” pins in when I repaint. Steering gear box still has a bit of slack, but system overall is tons better – went from almost 3/4 of a turn of slack down to maybe 1/6 of a turn.
Fuel system rebuilt. New line, filter, carb tore apart and cleaned.
Electrical system mostly rebuilt. Points, condenser, plug wire, spark plug replaced. Most wiring replaced, will completely rewire when I paint.
Rear end removed. Pulley's straightened, grease drained and replaced (omg, it came out the color of milk...).
Drive pulleys and belt replaced with new. Removed engine today and swapped front and rear PTO, as the rear PTO was a bit worn and was slipping. May rebuild the front PTO at some point, but I'm not too worried about it in a trailer queen.
Cleaned with every nasty, caustic degreaser I could get my hands on. 45 years of grass, dirt, grease, salt = bad news. Put everything back together making sure to line things up far straighter and tighter than they were.
It's like a different tractor now. Runs smooth as glass across the RPM range. Drive system is so tight that it'll bring the front tires off the ground when I let out the clutch in all four gears. A little noise from the tranny, especially in 2nd gear. I assume that's what PO used to mow and plow. I'm not overly worried - there's no slack in the tranny, shifting is firm, and it stays in all the gears.
Overall, much quieter and tighter. Still looks like poo, but works great. I may plow with it this winter...
Chris