I handle round bales with a front-end loader on a IH 656 (Farmhand loader) has enough lift to stack 2-high with 1500 lb. bales. That's a lot of weight on the tractor and you want to plan carefully picking up on hilly ground. Handle bales with a 3-pt. bale mover on 4020 as well.
First question is size of homestead and do you expect to be handling round bales? Round bales are a fast way to make hay, but if you don't shed them or wrap them, you'll have weather damage and quite a bit of feeding waste. Per ton, small squares will bring more than round bales as well. If you are looking to sell or feed small amounts and have access to small square baler, I'd go that route.
Now, as for lifting capacity. I think the engineering specs for tractor 3-pts. are 52 lbs. of lift for every HP (on the drawbar). This is for a load whose mass is centered 2 feet behind the 3-pt hitch pins. So, in theory, a 30-HP tractor should lift 1500 lbs. BUT ...
1. A 1500 lb. round bale has its mass farther back so it's equiv. to more than the theoretical max.
2. Older tractors tend not to have as heavy-duty hydraulics (smaller pumps and lower flows)
If we're talking about an 8N, I think it has max drawbar HP of a shade over 23, so it could in theory handle 1200 lbs., but I wouldn't want to count on an 8N for that. If you have more than 750 lbs. on the 3-pt. you'll likely have the front-end coming up w/o weights. You can put lfront-end weight on the 8N and then she'll steer harder (No factory PS on them), so I wouldn't call an 8N a good loader tractor. You can also put fluid in the rear tires and get a set of pie weights for the rear tires, but the 8N is a light tractor (I think a shade over 2400 lbs. with air in the tires.)
I know guys pick up bales with 8Ns, but they're probably hanging quite a bit of weight on the tractor and some even block the bypass/relief valve shut on the hyd. pump. In short, no way to treat a good little utility tractor like an 8N.
Since I believe in the better to have it and not need it approach, if you want to be handling bales think about a tractor like a 1970-75 Ford 5000 diesel or a JD 4020 diesel. (More hp, better fuel economy, modern hydraulics, and good resale) If you're willing to skip the big bales, a Ford 801 series, a Major/Super Major or a Ferguson T0-35 are all good choices. Just my $0.02, but I think the 8Ns are a bit over-priced for a roughly 25 HP tractor without live PTO, no PS, etc. They are excellent tractors, but probably not the best value out there.