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Your answer to keep or scrap is really dependent on your desires. What you are facing with the engine is a daunting task. That is a wet sleeve lined gasoline engine. When the liner seals fail they fill the cylinders and crankcase with coolant. Sometimes damaging the crankshaft and connecting rods along the way.
The major downside to repair is the condition of the block. If it is rusted at the cylinder seal surfaces it will not be salvageable. John Deere was still selling both complete engines and short blocks the last time I checked.
If you restore or replace the engine, they take diligent attention to proper coolant maintenance and head bolt torque or you will be repeating the failure.
The bottom line, in my opinion, is that particular tractor was not that durable because of the engine. The coolant of the era was prone to corrosion of the engine, and owner failure to properly maintain them led to failure. However, given the price of a new tractor in the 60 engine horse range, it may well be in your interest to repair.
Spend some time pricing what you need at your local John Deere dealer's parts department before you jump either way.
The major downside to repair is the condition of the block. If it is rusted at the cylinder seal surfaces it will not be salvageable. John Deere was still selling both complete engines and short blocks the last time I checked.
If you restore or replace the engine, they take diligent attention to proper coolant maintenance and head bolt torque or you will be repeating the failure.
The bottom line, in my opinion, is that particular tractor was not that durable because of the engine. The coolant of the era was prone to corrosion of the engine, and owner failure to properly maintain them led to failure. However, given the price of a new tractor in the 60 engine horse range, it may well be in your interest to repair.
Spend some time pricing what you need at your local John Deere dealer's parts department before you jump either way.