$7500 seems a little steep to me. There are plenty of really nice looking 1010s on Tractor House for around $5000 or less. Some with loaders/brush hogs. I'll admit I'm just window shopping and have no more information than what they give in the discription. Blades run about $500+/-. New chains run from $250-$500 new
Of course a lot of other things factor into the price like proximity, availability, one-owner, condition, etc. A matching blade might convince me to pay a little extra.
I found a 1010 that interests me but it is 300 miles away. Maybe not all that far but it would add about $500 to the price just to get there and back. So there is something to be said if it is nearby. If it was close and in immaculate shape with a matching blade then I might consider paying $7500. I'd see about getting a model/SN off the blade to date the blade. The model 80 was made in the early 60s and there may be others.
But you said there were a couple of oil leaks. Now a garden variety PTO leak is not that big a deal and shouldn't be that hard or expensive to fix. My son works for a JD house and he says PTO leaks are on just about every tractor that comes in for service so that is not an unusual find but a leak none-the-less.
Oil leaking in front....well that deserves a look or three. Where it is leaking from is very important. If it is just leaking from drain plug or around the oil pan then it may not be that big a deal. If it is leaking from the block or somewhere else then who knows?
I have only seen yellow OEM seats on these tractors. Again, not a big deal but it is not "all original". Now some may say that is nit-picky but you can't sell something as "all original" if it isn't. I also don't think free-float seats were around in 1961, at least on the 1010.
Has it been converted to 12V neg with an alternator? Again, not original, but that would be a plus to me as I would convert it asap.
Good paint and straight tin is a big plus.
In the end you have to be happy with what you pay...
1010 with loader1010 with loader and hog