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 - The Niagra View Mobile - Powered by a 1959 Ford Tractor - by Mark Massey. In 1959 the Niagara Frontier Transit Inc. of Buffalo, New York designed and built six Viewmobiles for the Niagara Frontier Sightseeing Inc. for use as a sightseeing ride at the Niagara Falls State Park, Niagara Falls, New York, powered by a 1959 Ford 611 Tractor.
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