Sorry, but no adjusting the toe will not correct that. That is the camber that is out instead of the toe-in. As far as I know, there is no adjustment for camber on a tractor, especially if it is a solid front axle, and I can't imaging a tractor not having a solid front axle. It sounds like the axle may be bent.
I am not that familiar with Farmall, but I have done automotive alignments for several years. Some of the Farmall guys here, please, help us out. Are there camber adjustments on a Farmall?