Ford 523 Baler Manual
The 532 is a good, relatively fast and reliable baler, if it is in good condition and properly adjusted. But since it is an 'orphan' (It was built for Ford by Long Mfg in NC), parts are relatively unavailable and expensive. Examples: The rubber mounted single pickup teeth (optional design) are over $16 each from CNH. My baler has 72 rubber mounted teeth. They're in the $2.50 - $3.00 each range from Shoup.
In 2008, Slip Clutch Discs for pto were $43 each, 2 required; For the flywheel $45 each, 2 required. Long v-belt for the pickup was $65 and change, but around $5-6 from a local power transmission/bearing house. Also to make good, straight, square bales you have to keep the baler and pick-up loaded with hay and the baler up to speed (90 strokes/minute). It does not like undersized windrows and easily makes banana bales. Unless this was a popular baler in your area, I would go with something more common. Like a Deere 300-series or a NH 273, NH 275, or newer 300 or 400 series.
They were a decent baler for their day which is now quite a long time ago. It runs faster than the 68 so it should have a touch more capacity but otherwise it'll be much the same aside from the feeding mechanism. Many parts other than the common wear items are NLA and some of what is available is quite expensive. I still run one and have it mostly rebuilt so I continue to run it. But if I was looking to upgrade I'd be looking for something else. An inline Hesston/CaseIH would be high on my list as would the more modern NewHollands.
Ford 532 Square Baler Parts
I just don't see changing to something of virtually the same technology and not getting a fine tooth pickup unless the 68 you have is completly shot.