Massey Ferguson 135 fuel issues

Hello all, I bought a 1970 massey Ferguson 135 with a perkins diesel. I bought it as "not running". I'm no diesel mechanic by any means but ain't scared to try. I started with changing the fuel filter and caught heck bleeding the air from the system. Finally got it bled as far as I know and got the tractor to finally start by spraying WD-40 into the intake while spinning it over. Had to spray a good bit until it caught up speed and would run on it's own. I let it sit and run for about 5 minutes or so to get some heat in things. 2 issues I found so far... it was pushing oil out of the dipstick tube and the front of the valve cover. Once started the oil gauge pegs out and stays there. Not sure what normal range is. Other issue Is when you throttle the tractor it starts missing and blowing black smoke and eventually clears up and revs up. Any ideas what could be wrong?
I'll check all of that this evening for dauber nests n stuff. I know nothing about this tractor yet. It was sitting so I bought it for $200 just to take a gamble on it lol.

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