If you rely on it daily, and it's been 10+ years since a rebuild, I think I'd just bite the bullet and do it.
But if it only gets light, occasional use, I'd just get the new head gasket in and call it a day. The thing will probably run fine for another 20 years.
If somewhere in between, I think I'd get the valves done - IF you know somebody's who's both good and cheap.
Then I'd put the head back on - and before going too much further - check the compression. If it's good enough, button everything up and be done with it.
all assuming of course there's nothing obvious like a 1/4" gouge from in a cylinder from something like a broken ring - etc.
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Today's Featured Article - The 8N and the Fox - by Zane Sherman. Dec. 13 1998, Renfroe, Alabama. Last niht I dreamed about the day that I plowed the field of about 10 acres over on what Jimmy and Dandy called the Ledbetter field. I was driving the 1948 8N Ford tractor that Jimmy bought in 48 new This was prebably in about 1951 and maybe even befor the house was built. This would have made me to be about16 years old and I drove the tractor for nothing and would have paid to drive it if I had had any money which I didn't, but neit
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