nick,I grew up on a farmall H,unless you get one with an externally mounted hydraulic pump it is woefully under powered in that area and you wont be able to lift much more than the bucket,especially if its a larger bucket.
the other issue is that is a very light tractor and unless you weight the crap out of it on the back you will cuss that thing into the ground as it will be hard if not impossible to back up any kind of hill.
( of course this is true with any two wheel drive tractor )
the H is a fantastic tractor in many respects two of which is fuel efficiency at just slightly under two gallons an hour under load and you can put a clutch in it without splitting it.
I would hate to think about how many thousands of hours I put on one of those when I was growing up,that and a 1938 F-20 with hand brakes and later on a farmall M.