Here's my .02 $.
Yes.. powder coat looks nice. For the price though.. I think you could buy a palpeen hammer and use that and a block and tap and rub out the big dents. A pulling hammer could be used as well. You can get some good usable cheap tools at many flea markets and chineese tool stores.. like harbor freight. Add a bit of sand paper , and some 3m pads and your drill, some bondo, and a good high solids primer.. or other specialty primer like a rust preventative primer, lots of elbow grease, and a can of paint , hardner, and a cheap air gun and you can have a great looking tractor that you did all yourself.. probably for less than 200 bucks so long as you own an air compressor. Only a tad more for a chap one if you don't.. plus you will then have 'extra' tools after that.
When I got my yanmar 1700, I knew nothing about tractors. It was cosmetically imaculate.. but needed some minor mechanical attention,. and major electrical work. From there I moved on to antiques.. like a 52 ford 8n, 54 ford naa, 66 IH cub, 50 JD-B, and lastly a 46 ford 2n.
On each one I learned more and did a better job. One thing I learned is get the metal as good as you can before using filler. And use as little filler as possible. Have two different colors of filler.. or run one with a tad more or less hardner to give it a different color when overlapping coats.. when you sand it down you will see the high and low spots much easier. Bet a bondo file.. it will save hours of sanding as you can hone and rough in your contours. Sanding blocks are nice too.
For my first tractors, I did decent work, and then used spray cans to paint them. They looked decent.. but used quite a few cans of paint.. and at 4$ a can.. that adds up. With my 46 2n I bought an el-cheapo spray gun from HF.. cost me 15$ plus another 19$ for a regulator. I already had a cheapy 89$ 2hp 4 gallon pancake compressor from HF. I plumbed in an old 15 gallon air tank I had for filling tires, and that gave me a 19 gallon air capacity. Initiallly filling the tank made the compressor run a couple minutes.. but otherwise worked great. I had never painted before with a spray gun so I victomized a piece of scrap sheet metal for a few minutes.
I used BPS paint from TSC, and their hardner, and naptha as a thinner. I used their equipment grey farm primer as well.
In short.. the results were astounding. I shot the tractor in about 20 minutes. Took about 2 quarts of mix, to do the tin, cast iron, bumber, etc.
The cast iron has a finish like glass. Hardner made it turn out great.
Plus I had fun and learned alot. I figure I had less than 250 in total parts, and materials.. even if you count my air compressor I already had.
Soundguy