Water will condense in the crankcase and freeze in the oil pump, it is a problem with many old two cylinders. To Prevent damage to the cam and oil pump, Deere designed a breakable coupling driving the pump if it freezes. This is likely what broke, resulting in no oil pressure. I would remove the rod caps and take a look at the babbit and the journals. If you are real lucky, only re-babbiting and polishing the crank may fix it. I have tractors that have run for 35 years with .002-.003 out of round rod journals and babbit bearings. Newer type insert bearings won't tolerate that much. You are probably in for a teardown, but I sure wouldn't think about scrapping anything.
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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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