Well after getting more familiar with what it will take to save this cab, I'm going to answer my own question with no, at least not by me.
It will take a lot more money, effort and time than I want to put into it. Plus, my this is my wife's truck, and she wants it yesterday. She found on facebook a truck that was 15 minutes from the house. It's even the same color. It's a '51 by the VIN, but I think the split window looks better anyway. So we bought it and she got it home yesterday. It's a little bit rougher than I thought after we got the cab cleaned out, but I think it will do just fine. The floorpans are rusted but everything is still solid. I don't think we'll have a problem swapping cabs and driving it like it is until I get my welding skills up to par to replace the rusted parts. I thought about using the new frame but it's been welded on a whole lot and I want to stick with the 3/4 ton frame and running gear. The 1/2 ton has a hanger bearing or something with no driveshaft or transmission. Someone also took a cut off wheel to the engine crossmember, they didn't get it in two, but I think I'm better off repairing the 3/4 frame since the running gear is already in place.
My plans are now to get the cut cab truck running and pasture ready. Once it cranks and runs by key or toggle switch I'll see what kind of shape the clutch and transmission are in. If that checks out I'll worry about stopping it and then steering it. After all of that is right I'll move towards getting the cab swapped out and making most of a truck out of it. I wanted a flatbed when I thought this truck should've been a dually. After finding out it's not I definitely want a bed on it because single wheels don't look right to me with a flatbed, and the beds for these trucks are gorgeous. Maybe one day after everything mechanical works like it should I'll worry about paint and looks, but that day is a long time for now.
Lastly, since I am new here I'm still exploring the forum and learning its' customs I have a question for the powers that be. I was going to to make a build thread for this truck, but I see the Project Journal area is for serious projects only. Am I allowed to treat thread this as such, is there a location for less concise builds or should I just avoid a build thread and create a thread in the specific forum when I have a problem that search won't answer? I just want to abide by the forum and not cause any issues as it's looking like I will be here for a while.
Anyway, here's some pics of the donor cab. I would like to note that the drivers side stack of the "headache rack" is, in fact, the exhaust. No muffler. Wild. Edit after previewing the post: I love the forums auto-correct. lol.
