Thanks JC. I went checked it out yesterday and it was in great mechanical shape. Fired right up (after preheating), and did not smoke at all. Was quite peppy driving it around the lot and the 3pt hitch, PTO, clutch etc all worked flawlessly. 4WD also worked good. The only issue I found was the temp gauge was stuck on high, but hopefully that is just a loose wire or a sending unit issue.
Popped the hand hole cover and took a peak inside. Looked good, no rust and plenty of clutch lining left. And it did indeed have brand new front wheels and tires in it. Still had stickers on them. Tach gauge worked, so I'm pretty sure this tractor truly only has 389 hours on it. The controls were exactly the same as on dad's 1910, which had 1300 hours on it when sold, in perfect working order.
I think this will be great little tractor to get in and out of places to small for my John Deere, and working around the garden. So I cut the dealer a check and plan to go pick it up tomorrow!