Bowinelk, thanks for the pictures! Now I have something to use as a guide, as well as work toward. Yours looks great!
Winston1, I drove about 270 miles to get the tractor. I asked if there were any other parts, but the previous owner said no. He had everything together in bags and coffee cans, but he really was in the process of moving. I'll find out if there were any other parts he's since discovered.
Norm, your method sounds exactly like what I do. Since it's worked for me on everything from jet boat motors to muscle cars and dirtbikes, I figured it would be acceptable here, too. Since it sounds like the procedure is reasonable, I feel like the problem is the retainers for the rocker arms. I'll definitely reset the clearances once I get something to keep the rocker arms on their shafts. It isn't really that tricky or time consuming of a procedure. This is a LOT easier, faster, and cheaper than the shim under bucket designs a lot of high performance motorcycles have. It's identical to my KTM. It makes valve adjustments so much simpler to do.
California, it's good to hear that it seems I got a reasonable deal. I was leery of borrowing somebody else's problems in taking on this project, but so far it appears to have come out acceptably. There are a myriad of other issues, some of which I knew and were obvious beforehand (old, cracked hoses on the loader valve setup, no functioning Thermostart) and some that I didn't, like a boogered and seemingly idiotic "repair" to the spindle on the front axle, where the spindle is welded the steering arm rather than being properly retained by a Woodruff key and nut.
This is actually a safety hazard, and will be my next project. It's potentially EXTREMELY dangerous. The tractor doesn't have a full range of steering motion, but there's some slop in the linkages from worn ball joints, I think. I'm not going to drive it anymore until I get it resolved, though. It's too dangerous.
The help shown to me by the forum members here is really amazing. Thank you all. I'll share my progress on the engine as it happens.