Buying a Tractor- Opinions on this Allis 7040?

I bought a 1975 model 7040 PD a couple years ago and really like it. It needed some lovin' but I got it reasonable, not quite as cheap as you did. The main issues I had with it were leaks. 2 of the four long hydraulic hoses running from the steering cylinder up to the steering wheel were leaking bad, wore through from tilting the steering wheel for 40 years I guess. Right where they enter the cowling under the hood going into the cab. Not a real fun job but got 'er done, did all 4 hoses since I was in there. The exhaust manifold was cracked/leaking so bought a used center section and fixed that (3 piece manifold). The power steering cylinder seal was leaking so that was another thing I fixed. Return?? line from injector pump was cracked and dripping fuel so fixed that. Drain plug in side of engine block was drooling anti freeze, of course when I went to tighten it she broke off so had to drill that out and clean up threads - fixed that. It seemed like it was leaking from every orifice at first but now they are all fixed and she stays pretty dry. Put 4 new Firestones on it last spring so I assume they will outlast me. Also replaced the non working Niehoff alternator with a new Shoup Delco. It is also way overkill for my little farm but you can get them so darn cheap it's kind of a no brainer. The 20 speed is easy to drive, just a Hi Lo range lever to the right and a 5 speed stick between the knees, then you can shift the hi lo power director buttons on the floor on the go. Every time you clutch the power director automatically goes back to the lo side. The 426 is a nice sounding, strong engine for that hp range. A little thirsty compared to the 301 but not too bad if you're not working the snot out of it. Good luck with your new toy.

Just to add/ clarify a bit what the guys are saying, yes you shift the buttons on the floor on the fly.  What I think is lacking in this statement, is you shift the range and gears at a COMPLETE stop, not just "clutched", unless you're very experienced and a bit lucky.  Guys say they do it, I don't, you're supposed to be stopped to shift those.

When stopping, push clutch pedal down to just about the bottom of travel. The last inch or so of travel is for the transmission brake, so you don't want to be applying that when tractor is moving. It is only meant to stop the gears from free wheeling, to allow you to shift without grinding. You'll get used to it really quick, that if when wanting to shift the 5 speed, and it doesn't quite want to drop into gear, just release the clutch pedal an inch or so, to allow the shafts to slightly rotate. It will drop right into gear once you get the hang of using the inching(clutch) pedal.