There are two roads you can take. The first road is to try to find the cheapest complete tractor you can and tear it down and re-do it. That road will give you experience and self gratification when you're done with it, but it will take a good bit of time and considerable amount of money.
The other road is to search out a finished and honestly re-built tractor and fork up more money right out of the chute. This option still gives you the pleasure of messing around with the thing and the thrill of hearing it pop away but it is instant gratification and at a lower cost than the first road.
You can buy a good clean rebuilt tractor for less than you will spend rebuilding one. (A basic vanilla model) So having said that... bear in mind that the cabbage you pump into a restoration project will not likely be recovered should you decide to sell it somewhere down the road.
Go through all the pictures on this and some other sites. Look at some Deere (or whatever brands you're into) books and see what all is out there. Then pick one that excites you and start searching.
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