As the others have said.. yes. you can PROBABLY get a bale on a 3pt spear if your lift is in good condition, and you have front ballast.
it is also true that with a front loader you can get one off the ground as well, again, if the belly pump is good and is your power source, or if you stick a stinger pump on. You will then need REAR ballast.
Here is a pic of an 850 I have moving a round bale in the 900# range.
Your big issue will be steering and front tires. Narrow fronts like 4x19 and even the 5.5-16 tri ribs are not the best option. I'd stick a multi rib as wide as I could fit tire on.. but that might run you a couple hundred in tires.. though you can also use a couple 10$ truck tires.
I have those 10$ truck tires on my 850. I have (weak) but operational power steering. it HELPS.
On your N with no power steering, just be resigned that you will ONLY steer while moving. Attempting to steer while still will only result in NO steering, and excess stress on steering components.
Just put pressure on the steering wheel as you start to let out the clutch. as you begin moving, armstrong steering will start to respond. Not great.. but way better than a wheel barrow
I have another 850 and 660 I have moved bales on loaders with, no power steering, and it is as I described. less than stellar, but better than none.
The 850 I'm posting is a bit heavier of a tractor and has an N by about 1.8X horse power.. but the HP won't do much on moving bales.. you might do well to load the rear tires, add weights if you hav ethem, and then have a heavy rear implement or weight tub.
If you are running a trip loader or hyd loader using the belly pump and tied down 3pt, I reccomend going ahead and rebuilding the lift cyl now, to get rid of leaks, as a leak in a 2.9gpm system with 800# in the air might be just enough to make the loader a dismal project.
with a good tight 3pt lift and pump.. the loader will just be SLOOOOW, but it will lift.
steering will be the main concern. the 850 I'm showing has the same weak front axle and king pin as your 8n, so no benefits either way.
Now.. all that said. if you have not bought the 8n, and are going to get a tractor for your 5 ac. jump to the 55-64 series and just get a more capable tractor now. usually an 8n and a 800 are within 1000$ of each other or even less.. with most machines in driving condition inthe 2500-3500$ range.
if you get one with a loader and power steering already.. you are ahead of the game. the 55+ series offers a few benefits vs the 8n.