2 things.. 1, could really be oil in the radiator due to a cracked block... I've seen that a *few* times.
OR
Could be a head gasket leak and be letting combustion by products into the radiator that will make an oily sheen, and then emulsify to what more or less looks like oil in the radiator.
If you are NOT getting water in the oil, and your oil level is NOT going down, then flush radiator and retorque head bolts when warm.. Try it for at least a few hours of running..preferable a few days.. DO monitor oil for loss of level.. or water. After some run time.. recheck the radiator. if you find more oily sheen, start tractor and let her run.. look for bubbles in the radiator after she is warm.. either way.. with bubbles.. or lots more oily sheen.. you need to pull the head and replace the head gasket. There are 2 types.. a metal impregnated one.. and a thicker fibre one ( garlok? ) I like the fiber ones.. they are more forgiving of minor surface defects. Both types are put on 'dry'.. though if you use the metal one.. you can spray some aluminum or copepr spray paint on it to help it seal in.
Once the HG is off.. look for obvious problems.. like blown out spots.. etc.
Alternately.. before you pull the head.. if you have a comp tester, you can run a comp check.. pull all plugs, fuel off, throttle wide open.. crank engine over.. 5 puffs minimum.. though it is also ok to let it puf til the gauge stops moving. Then do the test again , wet ( 1 tablespoon oil in the cyl.. compair wet/dry numbers. Also do this on a warmed engine.
Ford spec is 90psi minimum for a good engine.. you may see as high as 120-130 on rebuilds. Most people find that if you have 75 psi or above you are good to go for an older tractor. Even compression across the board is better than big differences. I'd rather have 85 85 85 85 than 120 90 130 100.. etc.. post back for more help if needed.
Resist the temptation to have the hed shaved.. there is not much more than .010 to shave off.. and it may have already been done inthe past.. you don't want to create clearance problems ( checked by laying head on block with no plugs or gasket and bump engine over to see if head bumps up.. )
new heads for N are cheap enough to replace rather than bugger up if they are warped past usage..
Soundguy