Not challenging your intent but it seems that your concerns should all be able to be addressed with something significantly less that a complete rebuild. These trucks can be reliable, stable, and withing their limitations have decent performance.
My situation was entirely different but I did change the drivetrain, and electrical but retained the original 1950 suspension, steering, frame, etc. and find that driving could be done daily if I desired.
To start with I would have someone fix the electrical issues (something loose?) and check out the steering/suspension parts so that it can be driven while you decide what your plan is.
