Brian,
I too am building a truck for my son, but in a hot-rod style. Based on safety-first, here is what I did, maybe it will help you decide what to do;
1. Remove the stock front suspension in its entirety and replace it with a Mustang II style kit. The stock suspension's inherent bump-steer is scary, as is the steering arm linkage.
2. Mustang II kit includes 11" disk brakes in front.
3. Replace stock rear drums with disk brakes.
4. Toss the stock single-reservoir master cylinder and replace with power dual master cylinder kit, and all new brake lines.
5. Inspect the frame to ensure there are no cracks/heavy corrosion/etc. Repair as required.
6. Not done yet, but I plan to toss the stock tank and replace it with one between the frame rails at the rear.
7. I also plan to install a 4 or 6-point roll cage in the cab. A little much, but he's my only son. Ya know?
If I had only one upgrade to choose from, item #4 would be it. A dual master cylinder is a must-have upgrade in my mind.
I'm also sort of a novice at this stuff (been away from rodding for 25 years or so), but if you take your time and follow the installation instructions, you can do it all.
Hope this helps.
Antny