Well, $500 for a running M is a decent price. Paint is for the eye of the beholder. If you are going to work this, paint would be way down on the list of priorities. Tires are going to be your big expense, and expect to sink at least $1000 in them (tubes, mounting, etc).
If all she needs is a tune up and some other minor things like valve cover gasket, seals on axles, pto seal, brakes, and the like, you will have another $200 - $300 depending upon what she needs.
Other than that, get her mechanically right, and you will have a good tractor for the uses you posted. If she needs rings and bearings, that is a whole other ballgame. Best I have been able to do an engine for is $1000 with new parts, and that is me doing all the work except for boiling the block and turning the crank.
Plan on $1500 without knowing anything else. If your wallet can stand that, then I would say "go for it".
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Today's Featured Article - Women and Tractors - Tractor Engine Repair - by Teri Burkholder. One of the great things about working on a tractor engine with your other half is that you know what he is thinking of at all times and can anticipate his every move and his next thought of what he will do. With Ben, anyway, I can tell! He'll be busy working and I�m handing him tools and he says, "give me that..." and I�ve already got it in his hand or "hand me that....."and I�ve got the portable light right where he needed it placed to see. "Run in the house and get me a...."as I open th
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