I managed to spend about 2 hours with the LoBoy today. I removed the distributor and tore it completely apart, cleaned, polished and lubed all the parts and then put new points condenser and cap on it. Not sure if it will work or not but, boy it sure looks pretty. I also replaced the plugs and dumped some MMO in each of the cylinders.
I also removed the sediment bowl and shutoff to clean them..the aluminum was really corroded and the whole thing came apart while I was re-installing it....damn the bad luck.
My next step will be to remove and clean the carb. It looks like someone replaced it as there is a 1989 date stamped on it and it appears to be a Zeinth with a large flange. I filled it with some MMO with the hope that it helps dissolve some of the white powdery residue that seems to cover every part of the fuel system. Once the carb is cleaned, I'll be ready to try starting it.
I can also see where folks have issue with the wiring on these tractors. It seem like virtually every important wire I've touched or looked at is corroded or the insulation is cracked or missing.
Hmmm...this tractor is starting to feel like a money pit.