Welcome to Only Cub Cadets! To answer your last post, if that k301 has oil, rust, and loose paint then chances are the paint you choose will not hold up as long and will start to look bad. You dont need to get too involved with the motor if it is running good, respectably.
You might want to attend to any oil leaks first of all. Remove the head, true it up, decarbon, and install a new headgasket. If the points cover is leaking, replace the points pushrod, and install a new gasket. The best way to paint your motor is to remove it from the frame. Always identify your wire leads, and disconnect the battery before wire removal. Once the motor is squeeky clean, you can choose to primer, or layer your choice of color.
OCC is a helpfull place to help you. The time you put into will be the reward you get, so take the time to do the job right the first time. Having paint overspray on parts like wheels, ect. , is not a quality paint job. If you have a sincere desire to see how great these machines are, then you will feel good about your work, and hopefully show us a thing or two!
Good luck, we hope you choose to make it a good and better running tractor!
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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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