Got my Grandpa's Farmall 340 running

Hello all i am just looking for some advice. I got my grandpa's 1959 Farmall 340 running today it had not ran since his death in 2001. its been an expensive journey so far. It had the same gas in it from 2001 as well so i had to have the gas tank cleaned and lines cleaned the fuel line, rebuild and cleaned the carb has the started rebuilt, changed the plugs cap and wires, new battery, and put an ignition system in it since the points and condenser were junk. It runs great now fires up very quickly when you hit the started button. But now that its running every single seal and gasket on the tractor is leaking and i am just dumb founded on what i should do next. i was thinking that maybe i should have the head taken off and rebuilt and replace the head gasket first since it leaks oil, But my dad thinks i should fix all the hydraulics and the tranny seals first since the tractors at least runs. What do you guys think i should do. Bear in mind i am by no means rich an have to do things in small amounts.
 
I agree with your Dad. What looks like oil from the head may be from the valve cover. Some of the contributors on this board have had "some" success with mechanic in a can mixes that claim to swell old seals and gasketing materials. Since your on a limited budget might give some a try. Also some may subside a little as you run it more and more due to drying out after so many years sitting. THE GREAT THING is you have Grandpa's old tractor running. GOOD FOR YOU!!!! I am sure Grandpa is smiling down on you. gobble
 
Have you checked the transmission oil level?

If it sat outside, the transmission may be full of water, raising the oil, causing some of the leaks.

A lot depends on what it will be used for, how much it will be used, and who will be running it.

If it is going to be a working tractor and needs to be dependable, or will be used by other people that may not keep a close watch on the oil levels, then it will be more important to stop the leaks.

But if it's working days are over, the leaks are more of an annoyance than a necessity to be repaired.

In either case, I would recommend getting all the levels where they are supposed to be, clean everything up so you can see the leaks, then put some time on it, go through all the motions. Doing so might oil up some of the dried out seals. Also you may discover other problems. No use going in after a leak, putting it back together, only to discover another problem in the same area.
 
Some leaking seals will stop over time, with usage. Had a Case 2470 4WD that did that each Spring. Axle seals would leak for a couple of days, then get soaked up enough to quit.
 
(reply to post at 19:06:53 11/11/16)
Its has sat inside.it had sat so long the tires were sunk into the ground up to the rims. Barn has a dirt floor. I had to have a friend pull it out with his 966. I will be the only user and only plan on using it for light work
 
Rebuilding the head will be an easy $400 and
probably isn't necessary if it's just doing light chores
for you.

I'd use it for a while and see which deals are really
the users. I bought a pickup one time that had set.
When I started using it the front main seal leaked. I
ran it for about a year that way. One time when I
changed the oil I used Mobil Delvac instead of my
usual Rotella. It hasn't leaked since. Additives or
something.

Those old seals could probably benefit from a bottle
of Lucas oil additive. I don't really believe in snake
oils, but I swear by Lucas products of any kind.
 

In the Army, there levels of Leaks:

a. Class I leaks are identified by a wetness or discoloration not great enough to form drops. It is more of a seepage than a leak.
b. Class II Leaks. Class II leaks are identified by a flow of fluid great enough to form drops but not great enough to cause the drops to fall from the leak point.
c. Class III leaks are identified by a flow of fluid great enough to form drops that fall from the leak point.

I use this when pulling maintenance on my tractors. start with the class III and work down to class I

I've used this method for 20+ years. It works

bass
US Army (ret)
 
Luckily for you, oil seals and gasket
material is cheap. I just went through a 450
I bought last year. EVERY oil seal and
gasket front to back, pto, steering, brakes,
transmission, TA, engine, all were replaced.
I'll bet I have $150-175 in seals and $25 in
gasket material. Probably 20+ oil seals.
Took a long time pecking away at it, but now
will hold all of its fluids with no leaks.
Those leaks are expected after 50 years of
use, so it's good to just get it done. Not
all were leaking, but when you're already
there fixing something else, that's the time
to update them.
 

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