Well, $500 for a running M is a decent price. Paint is for the eye of the beholder. If you are going to work this, paint would be way down on the list of priorities. Tires are going to be your big expense, and expect to sink at least $1000 in them (tubes, mounting, etc).
If all she needs is a tune up and some other minor things like valve cover gasket, seals on axles, pto seal, brakes, and the like, you will have another $200 - $300 depending upon what she needs.
Other than that, get her mechanically right, and you will have a good tractor for the uses you posted. If she needs rings and bearings, that is a whole other ballgame. Best I have been able to do an engine for is $1000 with new parts, and that is me doing all the work except for boiling the block and turning the crank.
Plan on $1500 without knowing anything else. If your wallet can stand that, then I would say "go for it".
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Today's Featured Article - The Niagra View Mobile - Powered by a 1959 Ford Tractor - by Mark Massey. In 1959 the Niagara Frontier Transit Inc. of Buffalo, New York designed and built six Viewmobiles for the Niagara Frontier Sightseeing Inc. for use as a sightseeing ride at the Niagara Falls State Park, Niagara Falls, New York, powered by a 1959 Ford 611 Tractor.
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