Welcome to the forum. I'd agree about buying a welder. I don't think you'll regret it. Also, congrats on the tractor. I like the old fords. However... what do you know about the Select-o-speed transmission? It is pretty poorly regarded and I guess the parts are nearly impossible to come up with. I don't know much about them myself, but would caution you about working it too hard. I don't know if there are any options for swapping the SOS with a 4 or 5 speed, but that may be in your future. Otherwise, maybe consider selling it before it breaks and buying a different powermaster. If it was recently redone, you may be fine.
Maybe send soundguy a PM, or start a new thread with the name of the tractor in the thread, I bet he'd bite on that. He seems to know a lot about the old Fords.