My eyes started burning while reading the comments. I finally remembered why. I seem to recall the exhaust fumes being terrible on those tractors (but then most diesels of that vintage didn't smell like roses). I'd want it to have vertical exhaust for sure. I never liked the 2 reverse speeds. One was always too slow, the other too fast.

In our neck of the woods, there were a lot of Fiat built Cockshutt tractors. I think the 1265 was very close in design to the 5040. From that era, I have a softer spot for the AC 170/175. I had a lot of seat time on a gas 170. Nice, quiet tractor except for the rear-end howling in road gear. Well, what passed for road gear back then.