Let me add my prospective as I am close to your age and have a bit of experience with Midwestern farming. I'll just start by saying that what you are planning isn't going to be profitable, or at least it would be difficult to make it very profitable. My father grew up in Illinois and my uncle continued to run the family farm until he retired a couple years ago. It was a 3000hog/year farrow to finish operation as well as a few hundred acres of corn, soybeans and a little wheat. They made their money on the hogs, the crops went to feed the hogs and any excess was sold. The wheat ground was simply there for a place for them to spread the manure, of course the wheat was also sold. I spent every summer there for 5 years from high school to college as well as spending a bit of time there around harvest and planting time. I learned a lot about that type of farming and what works and what doesn't. What they did worked because the were controlling basically the whole system and producing more with corn and soybeans than just the commodity (value added.)
Now, lets say you did want to make it on just crops alone. Nowadays the only way to make it good is through 'economies of scale'. By the time you pay for the equipment, the GMO seed, the chemicals, fertilizer, etc you better have plenty of acres to make it pay. One guy I knew when I lived there was actually making a darn good living doing only corn and soybeans. He only owned a small plot of land where his house and shop were (maybe 10-20 acres, I can't remember) and owned basically zero equipment. What he did was rent all the land and lease all the equipment. Last I knew he was farming about 30,000ac, all equipment was leased and not more than a couple years old. Doing something like that would never pencil out on a small acreage, but on that scale it was quite profitable. Of course, there are many farms in between my two examples, but that should give you a little prospective.
With the land you have and even your limited equipment, you could still make a great living farming in that area. Livestock and/or direct marketing is the key. You need to read a book called "You Can Farm" by Joel Salatin. Even if you don't agree with all of his philosophies, it is a good read and has a lot of good principles about farming and running a business in general.
, by his side all the time , started very lean . They have never had hired hands , done everything theirselves that they could . I told him the other day , that it is sad , that when you are young and productive you don't have the equipment , then when you get old you have the resources , but not the energy . 