I would look at a Cummins re-power. I worked for a parts company years ago and they gave up warranting 426 short blocks and crankshafts that went into the 7580.
 
You can"t do any better than a Cummins. Repowered my Case 2470 years ago with the 855 Cummins. Took a special adapter plate and many other mods, but well worth it. Cannot beat the lugging power of the Cummins.
 
it depends what you mean by weak. low power, hard starting. using oil? it may not need rebuilding only a good tuning. if the block and crank are good its probably cheaper to fix but that 426 was not a good engine for that type of tractor. for me it would be hard to spend big money on that tractor unless you will keep it long term
 
rebuild a 7580 7 years ago and it is a good tractor so long as you keep the rpms below 2700 when pulling they don,t like rpm over that
 

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