A lot has to do with time , money , and how much you need a tractor .
If your time is free and you enjoy doing your own mechanic work then you can refresh the motor with some rings and bearings .
A used N is not really the tractor you want if you are paying some one else to rebuild the motor , etc .
To bring the pressure up I would spend a few bucks getting the oil pump rebuilt . These oil pumps sit above the oil line and have to suck oil up before it builds pressure . Worn pumps can easily lose prime which causes the motor to run dry on start up .
You wont really know about reringing until you get it apart . The thin steel sleeves can end up in the oil pan when they are excessively worn , the cast thick sleeves stay intact .
Again money has a lot to do with it , fresh bearings will take out a lot of slack . For about $125 - $150 you can get it in fair shape . If you are reringing a used cylinder , I would not use the chrome rings since they are harder to get to seat in . A plain steel ring won't last as long , but since the cylinder is already worn there is no real loss .
Before you take out the valves , see if they will hold a spoon full of gasoline from leaking past . If they will then lap them and go .
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Today's Featured Article - Oil Bath Air Filters - by Chris Pratt. Some of us grew up thinking that an air filter was a paper thing that allowed air to pass while trapping dirt particles of a particles of a certain size. What a surprise to open up your first old tractor's air filter case and find a can that appears to be filled with the scrap metal swept from around a machine shop metal lathe. To top that off, you have a cup with oil in it ("why would you want to lubricate your carburetor?"). On closer examination (and some reading in a AC D-14 service manual), I found out that this is a pretty ingenious method of cleaning the air in the tractor's intake tract.
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