You want to replace those things for sure and ONLY get the stainless plugs from the ford or IH dealer, others do not measure out correctly.
You can get the Hylomar racing formula at
Amazon.com also most large airfields that have parts sales will sell the Hylomar Aerograde which is the same as the racing formula but it tends to cost a bit more due to having to pass the aircraft certifications. It really is the best choice because if you get an imperfect seal with a plug duriing warm up or cool down while the block is expanding and contracting, the Hylomar forms a curtain that maintains the seal and forms back onto place. Pretty nifty stuff..
It's easy to remove the things, just drill a hole ( put some grease on the bit to lessen shavings) and then poke a heavy screwdriver or bar in the hole an pry them out. they pop out fairly easy. then go to radio shack etc and get a little round magnet and tie it to a length of fishing line and drop it down the holes to grab up the ramaing shavings ( providing that isn't brass under all that goop, if it is, you'll just have to flush it like crazy )