I'm not sure where the exhaust even comes out on that tractor based on images I've seen, but I've done a few exhausts. My new holland came right out the side with a little muffler, I put a right angle on it to go strait up, then a rain cap on the top. My kubota goes forward, then angles in/down at about a 15 degree angle, and I've never had a problem with either.
My oliver has nothing, strait off the manifold, and i'm breathing fumes non-stop, so make sure you go up at least to your head level if you go up.