Speaking from experiance...restoration costs long cash, PERIOD. Restoration is tedious, requires a high level of dedication and fortitude, and unless you do ALL of your own work the final parts and labor tab can far exceed the value of the car/truck. So why do we see so many of the "common" old iron hot rodded? Did you watch Barrett-Jackson? A state of the art hot rod has brought more dough for the last 30yrs. Will you make $ paying someone to do it? NFW!!! But you may be able to "back up our bet" by recovering a larger amount of your initial outlay.
Average restoration shop rates are $40/45hr. A total resto on that truck is an easy 1500+ hrs. Add several thousand for parts, fasteners, chrome plating, paint/mat'ls...you get the drift. If you can do your own work on any level, perhaps the pro services needed will be limited. Has anyone ever seen a restored 'bolt bring back $70K?
I did see a chopped AD bring $95K. I did see a 56 F100 with a V10 bring $110K. It's not all about the almighty $. But when tough times hit you in the cheeks, it's nice to know you're not looking at a huge loss at the end of your truck relationship.
The real payback is in how many smiles per gallon you get when it's done. Like Mastercard says, priceless.
Other than upholstery and plating, I do ALL of my own work. Me and dear ol' Dad will chop, channel, and body section the newly aquired 54. We've won a lot of awards over the years, but doing the work will be the priceless part for me. Smiles per gallon starts with the turn of the 1st screw...for all of us. Good luck, and enjoy whatever you do with that way Kool truck.
