I bought a 1960 Ford 601 Workmaster off of craigslist about 6 years ago for $2100. I put about $500 into it, and it has been great ever since. I have used it about every other weekend since then (every weekend in the summer) and it has never failed me. What a joy it is to have a machine that is both simple to work on and tough! I use it for bush hogging, maintaining a gravel driveway, drilling post holes, picking up and moving 1000 lb hay bales, moving gravel, hauling cut tree limbs, … the list goes on an on.
Craigslist is full of old tractors and implements. The things I looked for was: strong oil pressure, strong compression in all cyls, no cracks or welds in the head or in the block, runs good, hydraulics work with a load on them, and good tires. I looked at a few before I found the one I wanted. If the basics are good, you can work with it. On mine, I redid the wiring, put in a new fuel tank, rebuilt the carb, rebuilt the starter, and replaced a freeze plug which had been leaking a little coolant. I did it all in a weekend, and it was all pretty easy. Now it starts every time and runs great.
Different tractors have different hitch systems (how you hook up an implement). The standard is the "3 point hitch". I would stick with that, because it makes finding implements easy. Farmall used a proprietary hitch called a "fast hitch" which was perfectly good, but it is harder to find implements for it. They are around, just a little more scarce.
Ford 8Ns are all over the place in NC. They are good little tractors, but one drawback is that the PTO has to be running for the lift to work. Later Fords like mine have an independent hydraulic pump , so the lift will work even if the PTO is not turning. Much handier!