Got Smoke, I am by no means an expert on pulling. However you really got your work cut out for ya on that tractor. Its a small CI engine that makes 55 draw bar horsepower. The things you would have to do to that thing would really take a way from what it really means to you.
Now the classes you have available to run would really dictate it, as we have antique classes from 5k up to 10k, but the year cut off is 1965 i think. From there it is 12-13.5k farm stock, and its all big cubic inch IH, JD, and the such.
If it were me, I would restore that one you have, and buy a tractor you won't mind tearing up. I am that way with my 1066, it means something to me so it will stop at a farm stock, and I will buy something else to butcher up.
Try yesterdays tractor, those guys know some stuff