I don't know if this will help, but when I rewired my 'M', it started OK, ran OK, but showed the very same symptoms with the needle swinging + to - very rapidly, when running. No lights also. Come to find out the lead wire coming off the ammeter was hooked up to the wrong side of the starter switch. Switched the wire, and everything settled down, and I got my lights back. The 'M' BTW is stock 6 volt with cutout. So I don't know if that would make any difference.
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Today's Featured Article - Massey Ferguson 35 (and up) Tractor Assembly Notes - by Jack Wetmore. These assembly notes are for Massey Ferguson tractors with a two stage clutch and 6 speed, 8 speed and mutli-power transmissions. I see a lot of discussion forum messages regarding damaged clutches from improper assembly. The objective is to have the engine and transmission slide together safely and easily until the gap between the two halves is less than 1/4", BEFORE tightening any of the bolts holding the two together. Using bolts to draw the two halves together will damage the PTO
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