If you need to reclaim the land, you might be looking at doing some work with un-compacting the soils. If you intend to hay, and money is not an object, I would look at something in the 90 ~ 110 hp range with a cab on it. CCI can probably help you out with exact implements. I would look at a pasture renovator, a brush whacker (you'll need it initially and then probably sell it after you get the fields under control and planted in hay), a good mower (disc mower/discbine/mower/conditioner), a tedder, a hay rake, a baler (round and/or a square baler), if you are doing squares - a stack wagon, a good sized sprayer, a FEL, a round bale hay spear (front and rear), and that is all I can think of at the moment (well, not really - a grapple would be nice too).
You can get it done with smaller equipment, but something larger can help get it done quicker and with less fuss. Ideally, you would get two tractors. One in the 90 ~ 110 hp range and another around 70 hp. That way you can leave the mower or stack wagon hooked up to one while you use the other for the tedder, hay rake, etc., on the other. Of course, the above is kind of what I would consider a dream scenario. /forums/images/graemlins/grin.gif