Toby, let me welcome you to TBN. You are thinking a lot like I was when I bought my JD110 TLB. Get one machine to 'do it all'. And the 110 will probably do what you are wanting. Maybe. Depending on what you call 'farming'. I doubt it will plow or disc 30-40 acres very well. Remember it's only about 33 hp at the pto. But it would do great on a garden spot. I haven't had time to take the BH off since I bought mine almost 9 months ago. I love the 110 for FEL work, pallet fork work, pulling stumps, loading debris for burning or haul off, digging holes and trenches, picking up concrete debris and blocks but I am probably going to buy a 60+ hp tractor for the bush hogging, discing, grading, etc that I need an AG tractor to do. No swaping out the B for a shredder, etc. and a bigger tractor for ground engagement would not be bad.
One thing to keep in mind about your hills is that the 110 or even the Kubota TLB are both set up as TLB's and so have a higher center of gravity than most AG tractors.
If you get the 110 I'm sure you will love it as a TLB.