I would highly recommend getting manuals. I got a free seized Farmall M from my neighbor last fall (I was 15). For Christmas one of my uncles gave me a service manual, operator's manual, parts catalog, and hydraulic pump service manual. I would absolutely get a service manual, parts catalog, and operator's manual at the minimum. Running is a nice starting point, none of my 4 were running when I got them. I would change all fluids, filters, and take the oil pan off and clean the sludge out of it. Also adjust the valves, he will have to have the hood off to install an alternator might as well adjust valves (or at the least check the clearances) while it is off. Parts should be easy enough to find at a salvage yard, ebay or craigslist. Personally I would go with an alternator. In my opinion they are more trouble free than a generator and I personally like having all of my stuff 12 volt. I can get 12 volt batteries cheaper than 6 volt batteries.
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Today's Featured Article - New Life for an Old Allis - by Tyler Woods. My friend Jon, has an old '39 Allis Chalmers B. He thought it a marginal tractor that had long since served its time. She smoked terribly and never had much power but he couldn't afford another so he was limping along with what he had. Jon's Allis has a small front loader and though it doesn't carry much, it serves his needs. It was the hard starting and low power that made him think it was time to replace the old girl. Jon called me to help him discover why his tractor wouldn't start
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