Thank you for your reply 3B,
I do not know much about this truck. I bought it from Colorado, and judging from the plates and parts (dates on tires and a few components) it looks like the last time this truck was in use was in the mid '70s. It was definitely used as a work truck, as the (I assume) original owner custom welded a shelf on the passenger fender to allow transport of 16-20ft long boards and pipes from the front fender to the flatbed without them hanging off the rear.
I believe the PTO is vacuum actuated, you can see the big cylinder in one of the pictures that moves that lever. I have yet to trace the hoses back to the engine bay to see how they mount up (I'll be honest, this will be my first time seriously working with vacuum stuff). Inside the cab I do see a switch that has "Air compressor Control" on it and there is an odd lever and manual solenoid valve attached to the steering column with a pressure gauge. I am just confused as to why you would want an air compressor that would only fill while on the road? I will try to manually actuate the PTO, maybe there is a setting that disconnects the driveshaft from the diff, but allows the driveshaft off the transmission to power the PTO.
I am working on getting the 261 engine running again, after having it soak over the weekend I got it to manually turn over. Ill address the ignition first then see if I can get it to go bang off starter fluid (after an oil change of course). With the engine turning I hope I can get a better idea of the function of the PTO.