Fordlords gave a pretty good summary, especially in relation to the CC line up.
I'd also add that with things like larger tires, heavier transmissions (for ground engaging work), and all around build, some GTs sacrifice things like turning radius etc.
But since LTs have to make the price target (else, for lawn cutting you may as well buy a ZTR), it's harder to find quality in an LT than a GT.
Post some pictures in Vintage as you're taking apart that old Ford; all kinds of knowledgable people around here for the the 8Ns and the like! /forums/images/graemlins/cool.gif