The 140 is a great and classic tractor worth caring for and slightly restoring to original condition and intent. High quality original workmanship and pride with lots of parts and donor tractors widely available. Correct paint would be nice if done right. Use OEM paint when you know how to do it.
You'll need to pack those front wheel bearings and replace grease seals. Keep trans gear oil at correct level since it likely leaks out. Use thicker oil. Keep the kids away from it, especially when operating, until you are more familiar with things. People expect the safety protections of 2021 but that tractor is likely before your father was born.
Best to find a group or site with people that specifically adore older Farmalls like this and better understand some of the ins and out of things. For example, you want to make sure the gear oil you put in the trans is compatible with any bronze bushings you may or may not have. I know this is an issue with some older smaller tractors but not sure on the Farmalls. These tractors are easy to maintain, solidly built and will purr like a kitten when tuned right, which is easy.
Send, and keep sending more pics.