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Larry-thanks for replying and providing the information.  I called Korves and there isn't a new sediment bowl assembly available for the Oliver RC70.

Rexalot-I went ahead and bypassed the sediment bowl and everything works great!  I couldn't believe my plan worked.  I got a gravity-fed inline filter and put in a brass-inline ball valve.  The tractor runs very, very smoothly and seems to have alot more power!

Thanks to the both of you!
OliverEducation