Sean Mc - that certainly is a nice 124. I'm pretty much in agreement with the others about keeping the paint original, but, except, well, couple things - I'm thinking you may have already cleaned it up for the pics. I really don't see any old dried grass, or oily dust, etc. The areas I have concern with are the hood hinges (basically a bushing on the hood) with a bolt thru it. This usually breaks, cracks, or otherwise. I don't have a recommendation to "avoid" this failure but if they are still good it probably won't be long before they do fail. I've seen alot of them braised up, but then you know that means fresh paint and a new decal. The next area I have concern with is the dash support tower. I believe I can see some white-ish areas in the paint that I'm guessing is from battery leakage. It could be on the inside of the support tower as well AND under the battery itself since the battery box is really part of the tower. If as I fear this is battery acid corrosion I would recommend neutralizing it and then, well probably painting it. I seen several of these towers eaten thru. As far as 1 tire going flat, or loosing air, before going to replace them, I'd probably break the bead down clean the rim up some and re-seat the bead. No sense going to an unnecessary expense if the tires are still good - and they appear to be in the pics. Also, if it's a front tire, you could also add a tube rather than replacing. One thing that surprises me, and may be an indication of very limited use, is the exhaust pipe and the muffler. The muffler could have been replaced, and I suppose the pipe as well which is really uncommon. I'm thinking this tractor has had very limited use and was well taken care of. But it may still be best to do a restoration including paint since it's very likely the steering is loose, clutch needs going thru, wheel bearings greased, ball joints replaced, just the common minor failure items. Overall it looks great but if it has battery corrosion and weak hood hinges it won't stay looking nice long. I would also de-carbon the head and piston, and inspect the cylinder walls. The engine must have at least 500 hours on it and Kohler recommends it every 500. You also want to clean the underside of the mowing deck up and may want to coat it or paint it with slip-plate, which should be done annually. Overall I believe it's a really nice tractor. I really think it would be an easy restoration and once you've gone thru it, it will be easier to maintain it in nearly new like condition.
Welcome to the Forum.
Hydro Harry
Old Cubs Never Die (they often get resurrected from long term resting places)