I got my truck under similar circumstances. My uncle gave it to me after storing it for many, many years. My uncle originally bought it from my dad. I had the same debate when I first got it. Get it running and drive it a bit taking my time restoring it while being able to enjoy it or just tear it down and do a full restoration. I tore it down....three years ago. I'm just now in the process of beginning to reassemble everything and at the pace I'm going I have another three years to go. In the end I won't regret it because I will not let this truck "die". If you choose this route make sure you and your son can dedicate enough time to really make it happen otherwise, get it running and drive it on Sundays. You'll get just as many "thumbs up" driving an unrestored truck as a restored one.
p.s.; I got the truck for free yet I've spent over $6,000 so far and have not even began to put it together or complete the major body work. These trucks are relatively simple but the skill and talent it takes to truly restore one of these is not simple. The guys around here help though.
