Massey Ferguson MF50 Help

Hi, I recently inherited a 1958 Massey Ferguson MF50 from my grandfather who passed away, I grew up using the tractor since I was 12, but I am not familiar with the maintenance of it. The tractor runs great but needs work. 1st The 3 point hitch used to be quick and would hold a load no problem, now it will hold up a load but only if you hold up the lever as it will slide down. I plan on changing the hydraulic fluid, what fluid, where is the drain hole, is there a filter, and where would I add it?
2nd is an electronic ignition conversion kit worth it? How do I go about adjusting the clutch as it needs to be adjusted? I have no problem working on this because was an auto mechanic for 3 years, however I do not know much about 1950"s tractors.
 
Tighten the nut on the 3ph lever shaft. Use Permatran 1129 for the hydraulic/xmission oil. there are 2 drain plugs, one on the bottom of the left side of the center housing, the other on the bottom of the left side of the xmission housing. Fill plug is next to shift lever. Hydraulic filter is located behind the circular cover (with the pto lever) on the left side of the center housing. Drain at least 2 gallons of oil first. I like the electronic ignitions to reduce maintenance, but points work fine if you check them every now and then. Clutch adjustment is made after removing square panel on underside of bell housing. Get a MF service manual (see Tractor Manuals on this website); well worth the price to avoid mistakes.
 
How much should I expect this to cost, I believe I was told it holds 8 gallons? Would I need to replace any gaskets or anything? I have a shop and parts manual, however some of it doesn"t show what I am looking for. And thanks
 
Also, I want to change the engine oil, I went to the tractor place by my house where I've ordered parts, and the two old timers who run the place got into an argument about what kind of oil it takes. I live in New Jersey if that helps with the oil weight.
 
Yes, it takes 8 gallons. Cost per 5 gallon bucket - around $40 to $50. If you're just draining/replacing the hydraulic/xmission oil, no gaskets need to be replaced. If you're changing the hydraulic filter, you may have to replace the gasket on the pto lever cover (a simple one to make).
 
Good that you have those two manuals, but lube and other info is normally found in the operator manual.
 

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