Restore? Pretty good shape for both of them! Is that McCormick a 10-20? Manifold isn't saying 15-30 or 22-36 to me. Either way I don't understand the color scheme; I'm thinking pretty light for the gray while the red I thought belonged on in the wheels rather than the radiator - but I'm wrong too often too. Did that thing have a live PTO or something, or is it just the paint job confusing me into seeing a gear box behind the crank?
I didn't look very carefully. I thought it looked like someone had slopped some paint on it to make it easier to sell. The red behind the crank is just paint. The fenders are in pretty poor shape-rusted out. Here is another view:
Your right, this view definitely looks like they pretty much just added paint. The fenders though don't surprise me, most I've seen show this much or more abuse, especially in the back. I think after market are available for about $300.