Which way to go with tractor preservation.

Hello everyone. I have a 62 851. This tractor is my baby/toy/project. I have had her to for 10 years and my dream has always been a restoration. I do not work her, she only bushogs or occasionally turns a garden. I have had her apart for the past 3 years because I had hoped to do some painting but I have never either had the time or the money to make things happen.

My question to you all. There is nothing more I want than to paint her but every seal and gasket is bad. I have ordered an engine gasket kit and she needs a governor. I have all of the parts on hand. What troubles me is that all of my cylinders compression test at just above 120. The Ford manual states that you want a minimum of 130-140. Should I try a top end rebuild or go the full gamut and do top end plus rings. She starts fine and purrs like a kitten now. The original proof meter shows just over 1490 hours, my oil pressure is around 60 when running. Just how wore out is this tractor and what is my next best investment in her? I do need two new front tires. I am just perplexed as to what a top end rebuild might accomplish. What compression should I expect on a good engine? I am just at a major decision point and your experience/wisdom would be greatly appreciated.

I would not be going into a motor with that compression and oil pressure myself, unless I were going to work it 500 hours next year and needed a winter project. Replacing the valve cover gasket will take care of 95% of your engine leakage. Replacing the engine front main seal is not a bad job but the rear main is about the most involved job on the whole tractor. You would not have the compression that you have if you had valve problems. You can't believe the proof meter as most likely it ran a lot of hours with a broken cable, but most likely yours has already had a fairly extensive overhaul after it's first fifteen or twenty years.

You have to decide where you fit in the tractor repair game.
You could be one that has a tractor that always has something broken and a pain to use;
To one that everything works if you tinker with it every time you use it;
To one that everything works just right but the tractor looks like trash;
To one that has a show room look to it.

Problem is do not say you are a show room tractor guy with a budget of a everything broken guy.
You have to find where you truly fit in.

For me that tractor sounds great. It runs and gets the job done. But for me a tractor is a tool much like a hammer is to a carpenter.

I dang sure would not be digging into that motor with those kinds of oil pressure and compression numbers.
I might change the valve cover and tappet cover gaskets; maybe stretch it to front crank seal; but that's about it.
Paint it good enough to prevent rust and let it ride.

Read your own words and decide from there.....
"I have never either had the time or the money to make things happen"
"She starts fine and purrs like a kitten now"

Thanks guys. I have evolved through the different stages as John outlined. I have put a lot of time and some money in her to get her where she is. Other than needing the gaskets, seals, and governor I thought the motor was in pretty good shape as well. Its just the manual stating the 130-140 minimum compression. And since I was gonna have her fairly well torn down I didn't know if that was gonna be my best course of action. And John I do have the money and time to work on her now, I just want to make wise choices on what I do. But thank you all again for your reassurances.

I would not worry about an engine with 120 PSI, and does not burn oil. You could power wash it good then identify where it leaks, make a list and go after the big leaks first.