If I got 130 (if that is a normal spec) by adjusting the valves I think I would run it unless rescission was a known issue with your engine... It sounds like you know were you are at no doubt its not like you are putting your reputation on the line with a customer....
I have a 60 140 Farmall that I brought 5 years ago,, its always been a tad under-powered, smokes some... I use it maybe 4 hr. a year,,, It was not running when I got it I cleaned the fuel system got it going and its useable.. I got caught up a mo are so ago so got all the little thinks fixed up and went after the leaking valve cover gasket... While their checked the valves and all the exhaust were to tight no clearance,,, adjusted them the smoke is gone and power is back... I don't plan to do anything else to it unless I run out of something to do... Now am I wrong to think this way... If smoke and power become a issue I will go into it....
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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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