It sounds as if you have a piston or sleeve on the back cylinder that has come unglued. You had better not run it anymore or there is a good chance you will ventilate the block. You can remove the cam with motor in tractor but not the crank. Since you like the tractor and you really don't know any history of the motor, I would be inclined to pull the motor and do a major overhaul. If you want to get by on the cheap, the first thing I would do is pull a rod cap and a main cap and see what your bearings look like. If they look good then I would plastiguage them to see what kind of clearance you have. If all of this checks out then I would be comfortable doing an inframe overhaul with sleeves and pistons. If any of the bearings look suspect, don't waste your money doing an in frame. Also make sure to have the head checked out and have the valves ground to the correct specifications. If the valves are not done just right on this tractor it will start really hard. I'm afraid there is probably no real cheap way out of this.
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Today's Featured Article - Choosin, Mounting and Using a Bush Hog Type Mower - by Francis Robinson. Looking around at my new neighbors, most of whom are city raised and have recently acquired their first mini-farms of five to fifteen acres and also from reading questions ask at various discussion sites on the web it is frighteningly apparent that a great many guys (and a few gals) are learning by trial and error and mostly error how to use a very dangerous piece of farm equipment. It is also very apparent that these folks are getting a lot of very poor and often very dangerous advice fro
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