Hi Wayne,
The former owner of your tractor should be charged with extreme cruelty and torture of defenceless tractors

It realy looks like it has been run for years without an oil change and what oil was there was probably mostly kero as well. Even from the photo I can spot at least 10 thou or more wear on the crank. Even if you measure it with a micrometer you would have to add another 10 thou under size just for the grooves. Still if it has not been ground before it should still be able to be reground 20 or 30 thou under size, but depending on the price of machining in your part of the world a new crank may be the better option given that they are the same as a diesel crank.
The cam does not look too bad in the photo, but it is hard to tell if the top of the lobes are at their full height. My guess is that they will be worn as the lifters are shot. Fortunately new parts should be easy to get and would probably be cheaper than regrinding.
Maybe not what you wanted to hear in terms of expense, but stick with it and do the job right and you will never regret it. There is nothing like the sound of an engine you just brought back to life. My first one was over 36 years ago and I have been addicted bringing back the dead ever since.
Regards, Frank.
P.S. Now back to my daily fix, time to strip all the oil and fuel lines off the Perkins P6TA for the hot tank and figure out what to do about the rusted camshaft

Real tractors don't need tin work to be beautiful.