My advice is similar to above. I would get it to a safe drivable condition. Only then can you or your son make a decision whether you like driving it.
As for paint and such it is a rabbit hole. If you put nice shinny paint you will need good chrome, a good interior and such. If you spend dollars to make it look cosmetically great it should be mechanically sound. You wont get all of that done for $2000.
As for value, the truck is not original now. Value only comes in to play if you want to sell it. My truck belonged to my father and recently he gave it to me. It needs a lot of work. It may be worth $50 or $50 000, to someone else. But that is irrelevant as it is currently not for sale or likely to be for the next twenty or thirty years. What my kids get for it after I leave it to them will not affect me at all. How much I want to spend on it is based on how many smiles per dollar I think I can get.
Steve
