Well, I went and took another look at the tractor, and I have some questions for the experts.
First, there is a fair amount of what looks like exhaust smoke coming out of the breather tube at all engine speeds. Is that a sign of trouble?
Engine blowby is never a good sign, in my experience. Look at Matt's (Stumpy) rebuilding thread for some of the possible problems.
On the other hand, maybe it just needs some normal Prevemtive maintenance; like adjusting the vavles and replacing the air filter.
Also, the mower deck bogged down to the point where the blades stopped turning in grass no more than about 4" long. The belt looked pretty worn, and the blades are dull, but could there be more gremlins out there I haven't thought of?
Sounds like a very loose and worn belt to me, 4" grass should not be tall enough to cause even a round edged blade to stop turning. Did you have the PTO in the 1000 RPM position and the tractor at PTO speed?
Could be bad or dry bearings in the blade mandrels also.
The 3 point hitch arms have been removed, and the dealer says there are no replacements available. While the primary purpose of the tractor is to cut grass, it would be nice to have the 3 point available for future use. How much would the absence of these parts deduct from the expected price?
The bad thing is you can't just go to the local farm store and pick up a set of 3PH arms, the ones they carry are usually sized for a Ford 8N or Massey Ferguson 35. The good thing is they are usually available from the tractor salvage yards on the internet. You would have to factor in the cost of shipping.
Thanks for the help.
Coss