A few things I would look at, how it shifts through all the gears whether syncrorange or powershift. Should be able to look at the clutch IIRC, and try it out with a good test pull. Hydraulics test with a pressure guage, should be about 2200psi, test position control on 3PH, steering should be smooth without any jerking. Check out the front end assembly to see if it has been welded on and or repaired, the 4020 front axle is one of its weaker links imo. Look at batteries and their boxes as none of these are cheap. Tires, I think most had 15.5 38 rears or 16.9 38 rears those things can be expensive too. I think a good pull in 5th gear to see how the engine performs power wise is a good idea. The lower gears can hide the lack of power imo. Run it long enough doing the try outs to see what is leaking, some repairs are simple while others are not. Last make a list of the repairs you think are important to make and get an idea of what the parts will cost to do this. Price these parts out at your dealer.
Last thing I would say, don't expect everything to be perfect on a 45 year old tractor.