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I have a 1981 Craftsman GTV 16 Varidrive tractor that likes to run at a really high temperature. After running for an hour, it is so hot that upon pulling out the dipstick, the oil on it is steaming. Is this because older lawnmowers run hotter, or do I have a problem?

This does not appear to be an issue, unless the steam is actually exhaust. If exhaust is coming out of the dipstick (oil pan), that means you have an issue internally in the engine. If it is just steam there is nothing wrong.