Unless you have money you "don't need" I think I would pass unless the price is dropped down to...say $750. There is a LOT of work to do on this truck and the $500 you "save" will certainly help to get it off to a good start.
Like everyone else I'm very interested in what the final outcome will be. Just be sure to use your head and not your heart when negotiating. Last but not least don't get into a "war" with the owners to the point you think you have to prove to them you can buy it. Let it be the other way around....am I making sense???