Like mentioned below, the seal on the primary pump is leaking, a pretty common occurance on these.
Assuming it's the original 450 pump and not an earlier one swapped from an MD, the seal is still available from IH, at least it was a couple yrs ago when I replaced the one on my 650D. The earlier pumps used a packing instead of a seal and I don't believe it's available anymore(could be wrong though).
If you go to the Red Power forum and do a search for posts by a guy with the username "MB_Cat" there's a post with step by step photo instructions on how to replace this seal and it also gives the IH part number for it.
It's simple to do, you don't even have to take the main injection pump off the engine(so pump timing isn't affected), just remove fuel lines and two bolts and the primary pump comes off.
But given the age of the tractor it might not be a bad idea to pull the whole works off and have it gone through by a pro anyway. There's a seal at the front of the main pump behind the timing gears that, if it's bad, it will let that leaked deisel from the primary pump go into the engine crankcase.
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