Have you had the valve cover off and checked the tappet clearance? If the valves have worn in to the seats,they might be too close and not quite letting the valves close all the way.
If it's any consolation,when I traded off my 4040 it was up to a can of either every four or five day habit. I overhauled it and it still didn't help.
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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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