Well - I brought it home today!
plus a Yanmar tiller for an extra $250 that seems in good shape.
I went over the tractor in some detail, so far I am impressed! The trans seems to shift fine, engine starts right up and runs smooth with almost no smoke (slight haze if you blip the throttle a little). I haven't done anything but unload it and park it in the shop yet, but the only thing I could find "wrong" was a small drip of oil out the left rear axle.
I drove almost 1000 miles round trip. Picked it up this morning from Halopka Equipment, in Dorchester WI. It was good working with Todd, he had a lot of domestic and foreign tractors onsite, in clean condition.
Time will tell if the purchase was a good one, I'll be on these forums often with questions I am sure!
Thanks everyone for your help!
-scott