That is a low compression engine, so it will run on the lowest octane pump gas available. Unless you live in one of the rare areas that still sell non-ethanol gas, it will only be practical to run E-10 fuel.
It will run fine on E-10, but if it does a lot of sitting the fuel tends to gum up the carb. One way to prevent this is to turn off the fuel and drain the carb when it will be stored for more then a couple months. The ethanol is also hard on neoprene fuel lines. The tractor would have originally had a steel fuel line. Best keep the steel line, no rubber or inline filters.
As for engine oil, 10w-40 diesel oil works well. It is preferred for use with flat tappet engines. The modern automotive oils are designed more for roller cams and complex emissions systems.
The transmission/differential oil will most likely be contaminated with water if it has been stored outside. That will also need to be changed, possible flushed with diesel if really nasty. It uses 90 or 140 gear oil, depending on your climate. Don't forget the steering gear, same oil.
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Today's Featured Article - The Nuts and Bolts of Fasteners - Part 2 - by Curtis Von Fange. In our previous article we discussed capscrews, bolts, and nuts along with their relative hardness and thread sizes. In this segment we will finish up on our fasteners and then work with ways to keep them from loosening up in the field. Capscrews, bolts and nuts are not the only means of holding two parts together. When dealing with thinner metals like sheet tin, a long bolt and
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