Update for 1940 M
I have the transmission finished up, new seals ,gaskets,cleaned and primed (enough to keep the rust off, plan to prime as a whole unit)
Most of the heavy lifting is about done. Axles were the worst.

before front

After
Transmission case
Recently purchased a belt pulley drive unit from folks close to Rick Prentice, He and George Hibbs stopped by our shop for a visit yesterday and dropped it off , picked up a few things for Dave Bennett .
And a Small tour , very small.
Great Visit guys!
before I bought it I asked what year tractor it came off they were not sure. I cleaned it a little
and to my suprise it was of a 40 as well , all the casting dates match up . Yeah!
Waiting for other parts to get back from sandblasters. should be able to finish up to the engine. Have to move it the garage soon ,have to remove a few tractors first.(I know many of you would help with that)
My friend bought a house with a building, we plan to move most of the garaged tractors their as soon a he takes possession. some time later this month. It is great to have friends.
He will have access to use of any or all tractors /implements as he needs, it will help him as well.
Will keep updates
Phil