Sorry to be the bearer of bad news but it sounds as if your control valve is worn out. IIRC there is only one O ring in the double acting valve and it is to seal oil from leaking out. Sounds as if that is worn out also. You would think they would last longer than 55+ years.
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Today's Featured Article - 50 Tips for Ford N Owners - by Bruce Haynes. Over the years of owning these three tractors, I have managed to refresh what little mechanical knowledge I had and add a little more, thanks to the wisdom and helpfulness of many fellow N owners. So, now it's my turn to share a few of the tips I've picked up.
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