I ended up buying a second 240 to get the loader I wanted. The tractor is in rough shape, but the loader is decent. I plan to use the tractor for parts and move the loader to my project 240. Paid 1500 for the combo and got some nice extras such as power steering and rear wheel weights which I'll reuse. It has a separate pump for the loader. I think you'll find the tractor hydraulics are too slow for a loader. As for the hitch, the two point's are more readily avalible, which can be converted to three point quite easily.
Hope this helps,