The tricycle front will make it a Farmall 300. They are good tractors made from 1955-56 I think. Both of the tractors I bought were in essentially the same condition...non-running. But the engines were free and both of them now run very well without major work.
I have a fair amount of mechanical ability and tractors are generally silly simple to work on unless you have to do major work. I get great enjoyment out of getting non-running tractors running again...almost as much fun as using them. So I think it is worh the headaches involved.
If the price is right (it shouldn't be priced any more then $500 or so...there are too many good runners out there for $1500 or so if you look a little) Having said that, I spent more than that on both of mine, but 1 had the asking price in implements and the other had the asking price in the wide front end.
If you get it, buy the operator's and service manuals first. Change ALL the fluids. Then i would squirt some oil into each cylinder and give it a compression test to check for stuck valves, etc. Drain old gas and check for junk in the tank...too junky you need to either clean and coat it or replace the tank. I would pull the carb and take it apart and soak in laquesr thinner and clean it thoroughly and rebuild it. If you have good compression and gas, pull a plug and check for spark by grounding it against the block. If you have a strong blue spark, all is well...no spark and I would replace the coil, points, condensor, distributor cap, plugs and plug wires (Actually I do that anyway.)
Check your tires and the condition of the sheetmetal before you buy...Tires are about $700 or so new and mounted. Sheetmetal is getting harder to find and more expensive. Look for missing parts...they will eat you alive at about $25-$150 at a time. Bad tires or bad sheet metal or several missing parts almost ensure I won't buy one...A complete, straight tractor with original paint that is not running can be a great bargain (maybe).
I know others have gone there, so they will no doubt add more info. Just beware of 2 things...
1. You will never get your money out of a tractor what you put into it unless you get a real bargain.
2. You will probably want more after you get the first one so bring your wallet...