That is a low compression engine, so it will run on the lowest octane pump gas available. Unless you live in one of the rare areas that still sell non-ethanol gas, it will only be practical to run E-10 fuel.
It will run fine on E-10, but if it does a lot of sitting the fuel tends to gum up the carb. One way to prevent this is to turn off the fuel and drain the carb when it will be stored for more then a couple months. The ethanol is also hard on neoprene fuel lines. The tractor would have originally had a steel fuel line. Best keep the steel line, no rubber or inline filters.
As for engine oil, 10w-40 diesel oil works well. It is preferred for use with flat tappet engines. The modern automotive oils are designed more for roller cams and complex emissions systems.
The transmission/differential oil will most likely be contaminated with water if it has been stored outside. That will also need to be changed, possible flushed with diesel if really nasty. It uses 90 or 140 gear oil, depending on your climate. Don't forget the steering gear, same oil.
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Today's Featured Article - New Hitches For Your Old Tractor - by Chris Pratt. For this article, we are going to make the irrational and unlikely assumption that you purchased an older tractor that is in tip top shape and needs no immediate repairs other than an oil change and a good bath. To the newcomer planning to restore the machine, this means you have everything you need for the moment (something to sit in the shop and just look at for awhile while you read the books). To the newcomer that wants to get out and use the machine for field work, you may have already hit a major roadblock. That is the dreaded "proprietary hitch". With the exception of the
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