Jeromy,
Reminds me of my $250 '49 4400 from 10 yrs ago.
http://i837.photobucket.com/albums/zz296/BAFTUB/49Chev4400for300.jpg Feature Stovebolt story to come out soon.
How about a cheap coat of paint to start?, then you can plan the project driveline and suspension.
Also, I picked up '45 Art Deco 2Ton (El Gringo Loco) last month ($100).
http://i837.photobucket.com/albums/zz296/BAFTUB/IMG_0429.jpgFirst thing I did after air-blowing out the crap inside/out was a coat of paint to stabilize it for the winter. One quart of basic (Oil) enamel, 2" brush, 1 1/2 hrs time, in the cold. Total ~$10. Cab corner rust, roof dings, floor rust, fender rust/dings.
http://i837.photobucket.com/albums/zz296/BAFTUB/IMG_0523.jpgThe finish was easier and looks better than a roller. It stopped any further rust till I get to it later next yr.
He sleeps outside for this winter. Long term plan is a tilt deck for my race car.
Look for the story in the Stovebolt Sagas next week.
Rick M.