Without pictures showing what is bent it's impossible to give good advice. That said, I've fixed a good many loaders over the years. First thing you need to decide is how good do you want it when done. Fixing a loader well is usually a significant job, but certainly doable. If all you want is for the bucket to be flat on the floor again then either of your plans should work fine. If you want to get it back to factory specs then it will take more in most times.
One basic to remember is that the best way to straighten something is to reverse the force that bent it. If your loader had been bent digging dirt then either of your plans would be ok to start with. But since it was likely bent from hitting something while moving, then the propper way to straighten it will be to pull it in reverse of the impact direction. I have chained the loader yo a tree and pulled back to accomplish this before.
Now if you really want to get it right you will need to do some carefull measuring to see just where it's bent. You will likely find a good many parts that are not quite right and will need to be put back in place.
There are many ways to apply the force needed to get things straight, but without a good idea what is bent any suggestions in that reguard would be nothing more than guesses.
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Today's Featured Article - My Ford Golden Jubilee - by Troy Estes. This article is about my '53 Ford Jubilee and a story that starts with taking the tractor to my brother's Starter/Alternator Rebuilding shop for a wiring fix. The generator was shot as well as all the wiring. I dropped off the tractor expecting a transformation from a 6 volt to a 12 volt system utilizing the original generator housing, and a total rewiring of the whole tractor. The front end center pin bushing was worn also so I ask that they replace it if they had time. Well, that’s wha
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