Dad and I are in the final stages of bringing back to life a 400 like yours; T/A delete and standard PTO. It's frustrating to find a major problem on an otherwise good project tractor but it happens.
Is the crank such that #2 is all the way at the bottom? The sleeve being ruptured out means a rupture in the water jacket. It will not be practical to repair the block vs. finding a replacement. I could put my hands on a couple of them today.
If the whole machine is fairly low time and the trans is good it's worth saving. Even the rest of the motor parts: crank, oil pump etc. will have less wear and be worth saving.
If the M turns out to have a bad trans but good motor you could use that one.
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Today's Featured Article - History of the Nuffield Tractor - by Anthony West. The Nuffield tractor story started in early 1945. The British government still reeling from the effects of the war on the economy, approached the Nuffield organization to see if they would design and build an "ALL NEW" British built wheeled tractor, suitable for both British and world farming.
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