I went over and pulled the spark plugs. None showed rust. I shot in a bunch of PB Blaster in each cylinder. #1 and #4 are near their top stroke. #2 and #3 near the bottom from the hollow sound of shooting the PB Blaster. Plugs show that it does burn oil and it was running too rich. It had Champion D15Ys. Serial number on both the frame and engine are 134772 which makes it a mid 1947. The drawbar hole has virtually no oblong wear.
The owner of the property showed up and we had a pleasant chat. His dad bought it at a sale in 1968 or 1969. They used it for light work until 1995. I did open the bottom petcock and fairly clean oil poured out! He did say it never ran very well, especially at idle. I have a feeling that with a carburetor rebuild and fresh ignition system, it should run fine once it is unstuck. I briefly looked at the manifold and didn't see any holes.
He said he would call me during the week to see if I want to pursue the project or not. If I can get it for next to nothing, I think I will take a shot at it. I'll have to remove a rim and the good tire from Old Rusty H and mount it on the M before I drag it home with the truck and log chain. It would be less than a 4 mile trip.
The electrical had been changed somewhere along the line. The voltage regulator was mounted on the rear gas tank support. Everything in the light box is shot. Headlights are still intact with good glass!