Well it sounds like you have an internal engine problem. It could be just a head gasket, a cracked head, or cavitation in one of the sleeves. It really does not make much difference as the motor will have to be torn down to repair any of the most likely causes.
Now the bad news. That tractor has a Hercules motor in it. I have had trouble finding reasonable priced overhaul kits for White tractors in the past. Now RRuland says that you can find the kits aftermarket now. When I overhauled the few I have done you had to go to White/Agco for the kits. The parts ran right at $8-10K, fifteen years ago. It seems that there are aftermarket kits now.
The trouble for you is two fold: 1) You need to pump soon before planting. 2) The cost of an overhaul on a tractor that may not be worth the cost.
It sounds like the tractor has other problems if your just going to use it to run a lagoon pump. You might be better off to trade/sell it for another better tractor.
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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