BTW, Welcome to TBN! Your question is a good one for a newcomer to the site. There are a LOT of knowledgeable people here to help you....
And, to get perspective shop around for a used tractor in the 50HP range and see what they bring in your area. The thinking is with tractors they don't depreciate like cars do, so they're actually more expensive to buy used than an equivalent car might be. Why? Because tractors last a LONG time- assuming they are maintained, and they go hours, not miles, which is less wear over time, to some extent. And they're usually built like tanks, so they can and ought to last a very long time, in most instances.
By looking at what the used tractor market is you will gain knowledge you don't currently have, and may decide to buy used, and possibly restore the old tractor too, but for different reasons, and for possibly different uses.
Having someone else do a restoration for you can work, but you still need to know what to expect from it and what it's going to cost, UP FRONT. This is where lack of experience on your part could get you in deeper than you thought you'd want to go - time/money.
Talk to lots of people in your local area. Chances are you can find some good info and make your decisions based on what you find.
Understood, I'll start asking around.