Ford's were normally parent bore engines unless they had repair sleeves installed.... and some did come that way from the factory. If there's no coolant in the bottom end then the block is probably fine. Get it running and see if it's pushing coolant out the overflow. Look for pressure against the rad cap, bubbles in the rad or plain old black froth in the rad. That would suggest to me that it's got a bad head gasket which is not an entirely uncommon thing with them. It's about a 200 buck fix if you do the labor yourself. Usually it's just a new gasket... and I like to lap the valves and install all new upper gaskets and check the injectors while they're out... Also make sure to chase the head bolt holes with a bottoming tap and clean them good and check the head for flatness with a machinist' straight edge. It may need planing; it may not. After rereading your post... I'd say it IS a head gasket problem. Just check it out for bubbles when it's running. Does it puke coolant under load?
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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