That is a pretty old tractor, but I think some people have had good luck with the old Fords. The power range looks good, so it should be able to handle a small tiller or brush hog fairly well.
The Ford that my Grandfather had only had one-way hydraulics on the bucket. I'm not quite sure what that meant for use, but you couldn't do things like lift the tires out of a hole with the bucket, or power yourself forward with the bucket when stuck. It also woudn't be too good for digging, although many of the new wide buckets don't dig well either.
I'm sure there are discussions of gas vs diesel that are worth looking up.
It may be easier for the lay-mechanic to understand gasoline engines. And they start quicker (no glow plugs), and better in really cold weather.
However, Diesel engines may have less problems with things like varnish and carburetor fouling (obviously no carburetor, but...). Anyway, the Diesel engines may sit better for occasional use.
I'm a fan of 4x4 tractors, but you won't hit those until the 70's and 80's.
Wetlands?
A 4x4 could be handy.
There is a lot of variety in the condition of 50 year old tractors. Some people keep them cherried. Other's just beat on them a bit. Anything can go wrong with a 50 year old piece of equipment.