Grab it with both hands.
I have a 58 (British), which I bought in not much better shape than that. Rebuilt the motor, hydraulics,replaced the clutch and all the wheel bearings. Best tractor ever built IMHO. Mine looks not quite as good as the restored model, but she works most days,so she's got an excuse.
That one's US, so parts are plentiful without the quirks mine has. MF dealers are pretty proud of what parts they sell, so you're better off to get what you can direct from Perky, and wheel bearings and such from a parts jobber.