Welcome to OCC, your rules seem pretty straight forward. It sounds like you can put a pretty good build on a 16 hp engine and beef up the drive train. You will have plenty of stock parts to sell when your done. Good luck, looking forward to some pictures of your progress. I want to build a similar tractor with good mid range power for plowing dirt. It seems like a puller type setup could really do well in the field.
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1981 IH Built 782- 44" deck
1650 dual stick
71 "121" round fender and replacement k301 carlisle tru powers and v61
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