Hey 64CHEVYREBEL, I got my truck when I was sixteen and now I'm 18. I am just like you in that I want to drive it, and am on a tight budget. My advice: Do everything, and I mean everything yourself. Save up for quality parts. And do it right the first time. I would reccomend doing a frame off, meaning take everything off and clean paint and put it back on. Do everything now while you got time and are young, and you wont regret it later, I have learned this. It don't have to be a show car restoration, just do your best and put the best paint on it you can afford. Just do everything now and do it right so you can enjoy it for a long time and not have to worry about it.
As for your question to raising it: don't. If your truck is 2wd, just keep it stock, it will look better and be worth more if you ever need to sell it. Just get tall tires for it when your done and it'll look great