Nice find! So, having set for a spell, the basic engine / transmission stuff should be looked at. I usually pull the head on my tractors, de-carbon the two surfaces, and flatten the head, among many other things!
Good luck, I bet you get the 147 up and running soon!
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IH CUB CADET 1450, 72, 86, 1211, IH #2 CART, IH 56" SNOW BLADE, COLLECTING CUB CADET ENGINES
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