Hey GreenRust, Nice looking truck, far better looking than what most of us have had to start out with. I think that you'll find that this can be a very rewarding hobby. It will only be as costly as you decide to make it. The older GM cars and trucks in my opinion are about the easiest and least expensive vehicles to repair and maintain.
You will discover that many of the mechanical parts are interchangeable over a wide range of years.
You are very lucky get something like this passed down to you from your Grandfather.
Enjoy that truck, and keep us informed about any more progress.
John