While I'm a big believer in complete overhauls as being the only way to go I'd do just as you are thinking under the current circumstances.
Friend called me last year. He was having an issue with an 856 IH. Low compression #1. We pulled the head and the vlaves look real good but there was a small wear mark on the liner on #1. All the ring gaps were like ducks in a row. Now this guy could have afforded a clompete overhaul but the 856 hardly gets used now that he got rid of his cows. So we got the ring turned so the gaps were not all in a line, ran a hone through the liner and put in new gaskets. Darn thing run better than it has in years he claims. I don't worry about it cause I told him how I would do it.
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Today's Featured Article - Talk of the Town: The Saga of Grandpa's Tractor - by The following saga is from the Tractor Talk Discussion Forum. Someone. The saga starts with the following message: Hey guys I have a decision to make. I know what you all will probably suggest and it will probably agree with me way down inside, but here it is. I have a picture blown up and framed in my "tractor room" of a Farmall M. It was my Grandpa's tractor, of which whom I never got to meet. He froze to death getting this tractor out of the barn to pull a truck out of the ditch before I was born. Anyway my dad and aunt had to sell it at the auction,
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