It's possible you might luck out, if this's the M that holds 8 qts; down 4 would still leave 4, or 4- if down 4+ (4+= how much?). It wouldn't be the first time low oil churned up some crud and maybe stopped up an oil hole for a rod or something else without messing up the rest of the stuff. Scott's check is easy to try. You said filled with oil and knock still there, but had supposedly been knocking for awhile (how long? before oil got low?). Is knock audible while: idling? pulling? revving engine slightly in neutral, or when slacking off hard pull?? But don't get your hopes up; most likely it's something expensive.
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Today's Featured Article - Product Review: Electronic Ignition - by Staff. Oil, for example has come a long way in the last 50 years and I don't use anything but the latest API grade available. I've heard the arguments for non-detergent oils but would never trade it for today's formulations. Paint is another, the modern acrylic enamels are great for resistance to grease and fuel stains, retaining their shine and they last forever; unlike enamels and lacquers . Still another is the alternator. No doubt using the original generator keeps the tractor pure, but for thos
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