Well, I don't know about that, but we overhauled ours and its still kicking.  We used to plow with it back in the day with 5-16's and did just fine.  These days, it runs a 10' mower, pulls wagons in the fall, and has recently ran a 18' finishing tool and purrs right along.  Its our main workhorse for chore type work and gets far more hours on it per year than any tractor we have.

I know there were issues with these, but from what I have dealt with it is a good tractor.  I've got a cousin with a 1955 that has never had one issue with the engine and there are several others around that have never been touched.

I know the 310 has a bad reputation in the turbocharged models, but from our personal experiences and local experiences, they did just fine.