So last night I looked it over more closely. Also most importantly, I wanted to hear this thing run, so I could hear the rattle that the guy I got it from was talking about.
So, before I started it, I drained the Engine oil that had mixed with the Hydraulic fluid.
I changed the filter and added the correct amount of 10-40 to the engine, and primed the oil pump, while I was at it.
The Mag is hot and after a quick look at the rest of the tractor, I added fuel, and quickly discovered the sediment bowl gasket a shrank up and was leaking. So after replacing that, I pulled a battery out of one of the others, and tried to start it.
It turned over for a few seconds and started right up. The oil pressure came right up, and in fact almost pegged the gauge out. It sat and ran for a few minutes, probably 20 or so, while I listened to the engine.
Yes, It has a rattle that got worse as the engine warmed up.
I am not sure where it comes from, but it speeds up as the RPM come up. Its not really loud, but you can hear it, over the engine. Its not real sharp pitched. I have heard rods knock in a Auto engine, and this is not the same sound... its softer if that makes sense?
So as I had figured, a look into the bottom end will be in order. I have to move some things around in the shop and get ready to split it apart, and remove the engine. New winter project..

The weird thing about this engine is that it never smoked a bit. Most cubs that I have been around, seem to smoke a little when you rev them up, and then clear up in a few seconds.
The tractor has set for 3 years and it fired right up and the exhaust was clear and stayed that way.
So what do you all think? This rattle is probably all related to running with thin oil right? A rod? something else?
I know its hard to tell until its apart, and the condition of the rods and mains can be assessed.
Wondering about just replacing the crank with the good one that I have, and setting up the bottom end with new bearings. New rear main, and the needed gaskets, setting the valves, and putting it back together. Sort of a short cut repair, since there what no smoke, and the exhaust is really clean. So do you think I am on the right track here. I want to keep it on a budget, if I can. I plan to use it with a cultivator to work in the garden with, and probably wont work it real hard..
Oh other observations while I had it running. The charging system is working, I changed the trans oil, and the gears are quiet, the PTO works and is quiet. There does not appear to be any water leaks. The clutch seems too work ok, no weird noises. All of the cloth covered wiring seems to be in good shape, as well.
Over all i think the tractor is better than I first thought, and I am planning on saving it if I can get the engine woes worked out.