If you rely on it daily, and it's been 10+ years since a rebuild, I think I'd just bite the bullet and do it.
But if it only gets light, occasional use, I'd just get the new head gasket in and call it a day. The thing will probably run fine for another 20 years.
If somewhere in between, I think I'd get the valves done - IF you know somebody's who's both good and cheap.
Then I'd put the head back on - and before going too much further - check the compression. If it's good enough, button everything up and be done with it.
all assuming of course there's nothing obvious like a 1/4" gouge from in a cylinder from something like a broken ring - etc.
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Today's Featured Article - Threshin Demonstration - by Michael Delaney. Introduction I bring you greetings from Prince Edward Island, Canada. We are Canada�s smallest province but big on farming. Maybe you�ve heard of us. Potatoes are our biggest crop. However, there is lots of mixed farming here also. I have a small mixed farm with 25-30 cattle. I make very good use of old machinery. I have a 135 MF Diesel, Farmall H and 1/3 share in an Allis B. I have complete lines of tillage and harvest equipment, and a saw gear etc. I have everything one would
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